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IOP3708EXAM PREPARATION
SEMESTER 2/2022
, EXAM PREPARATION
Discussion activity
Humans have perpetually sought new tools and insights to help them make decisions. From entrails to
artificial intelligence, what a long, strange trip it has been. Discuss the broad themes, provide detail
from 1979 onward (prospect theory) and describe the developments since 1984 in the field of
decision-making to date.
ANSWER A
Decision-making until now
In 1979, Amos Tversky and Daniel Kahneman, published this Prospect theory demonstrating that the
rational model of economics fails to describe how people arrive at decisions when facing the
uncertainties of real life. He identifies the factors that cause people to decide against their economic
interest even when they know better. This expresses how much people are terrified to make decision
when uncertainty is the order of the day at a given moment. Buchanan then states that “Faced with the
imperfectability of decision making, theorists have sought ways to achieve, if not optimal outcomes, at
least acceptable ones” This is where many of other theorists like John Rockart began to explore that the
specific data needs of chief executives, leading to the development of executive information system
which is a technology aimed at bringing strategic decision making at executive management level.
Computers became prominent in1980, Howard Dresner introduced the term “business intelligence” to
describe a a set of methods that support sophisticated analytical decision making aimed at improving
business performance by understanding the state of their company’s world. The computes were the
answer to the ailing problem as they were designed to improve performance in the business world by
analysing things faster for the top management to better reach their decision making. The growing
concern at the time though was with the risk that led more companies to adopt complex simulation
tools to assess vulnerabilities and opportunities to their industries they operated under. Computers
became a very crucial tool as a perfect too for those who made safety their priority that one writer even
said “Nobody ever got fired for buying IBM”
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