Course Title: Psychology for Business Decisions

Part A: Course Overview

Course Title: Psychology for Business Decisions

Credit Points: 12.00



Course Coordinator: Professor Lisa Farrell

Course Coordinator Phone: +61 3 9925 5891

Course Coordinator Email: lisa.farrell@rmit.edu.au

Course Coordinator Location: Melbourne


Pre-requisite Courses and Assumed Knowledge and Capabilities

While there are no formal pre-requisites for this course, students are expected to have prior knowledge of Prices & Markets, or its equivalent.


Course Description

This course covers aspects of human psychology that are essential for business to understand the decisions of various stakeholders, including competitors, customers, shareholders, employees, partners and regulators. You will discover how people in business and the economy make decisions individually and in groups, as well how they are affected by these decisions.

The focus will be on the cognitive and social processes that underlie decision making by individuals and businesses. Topics will include judgment, perception, information processing, motivation, emotion, attitude formation and change. Insights from these topics will be applied to practical issues across the business domain, including marketing, finance, management and strategy, and how business decision making affects society and the environment.


Objectives/Learning Outcomes/Capability Development

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On successful completion of this course, you will be able to:

CLO1: Understand the relevant aspects of cognitive and social processes as they relate to individual and group decision making;

CLO2: Apply previously developed psychological constructs to decision making in a range of businesses;

CLO3: Analyse how businesses develop and configure their activities based on stakeholder needs, motivations, perceptions and attitudes;

CLO4: Evaluate the practical and ethical implications of applying such such methods in business decision making.


Overview of Learning Activities

In this course you will be encouraged to be an active learner. Your learning will be supported through various in-class and online activities comprising of individual and/or group work. These may include quizzes; assignments; prescribed readings; sourcing, researching and analysing specific information; solving problems; conducting presentations; producing written work and collaborating with peers on set tasks or projects. These in-semester activities will incorporate formative assessments to monitor ongoing progress.


Overview of Learning Resources

Various learning resources are available online through MyRMIT/Canvas. In addition to topic notes; assessment details and a study schedule you may also be provided with links to relevant online information; readings; audio and video clips and communication tools to facilitate collaboration with your peers and to share information.

Resources are also available online through RMIT Library databases and other facilities. If you require assistance with the RMIT library facilities contact the Business Liaison Librarian for your school. Contact details for Business Liaison Librarians are located online on the RMIT library website.

Additional resources and/or sources to assist your learning will be identified by your course coordinator and made available to you as required during the teaching period.


Overview of Assessment

The assessment tasks, their weighting and the course learning outcomes to which they are aligned are as follows:

Assessment Task 1: 50%
Linked CLOs: 1, 2

Assessment Task 2: 50%
Linked CLOs: 1, 2, 3, 4