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First Semester
April 2017
MPU3223/03 Decision Making Skills
TMA 1 Marking scheme
Question 1:
(a) Explain sunk costs in decision making.
(b) Why do people focus on sunk costs while making decisions?
(c) Based on your experience, provide one (1) example where you focused on sunk costs.
(d) How can you avoid from focusing on sunk cost when you encounter it the next time?
(40 marks)
Excellent
Suggested answer
Explanation
Sunk costs refer to money, effort and time already invested that you will not recover no
matter what you do.
Sometimes, when making decision, we focus a lot on the sunk costs.
However, sunk costs will not change no matter what we do next because the money, time and
effort invested are already gone.
Excellent
Question 3:
When making or listening to arguments, we need to look out for fallacies. Fallacies are defects in
logic that weaken arguments.
Explain three (3) fallacies with an example for each one based on your experience or
observation. Provide one (1) way to avoid each of these fallacies.
(30 marks)
Excellent
Acceptable
19-15
- Able to briefly explain any three fallacies that weaken arguments
in decision making taken from the course material.
- Able to provide a relevant example for some of the fallacies
(from course material) and also ways to avoid those fallacies.
- Only some points are supported with relevant sources and
examples.
- Answer points are identifiable, noticeable language errors, clear
attempt to write with their own words and sentences.
Poor
- Able to clearly explain some of the three fallacies that weaken
arguments in decision making taken from the course material.
- Able to provide a relevant example for some of the fallacies
(from course material) and a relevant way to avoid some of the
fallacies. The examples may not be based on their own
<15
experience.
- Points are not supported with relevant sources and examples.
- Poor organisation of main points (ie. reader has to look around
for main points because they are not properly listed). Major
language errors.
Suggested answers:-
Fallacy Description Examples How to Avoid it
(based on (must be relevant to the
their own example given)
experience)
Generalisations Making assumptions about Ensure that the sample size is
a whole group of people large enough to support the
based on a inadequate conclusions.
sample. Increase sample size or draw a
more modest conclusion by
using the word “some” or
“many”.
Ask the opinion of more
people before drawing a
Accept any conclusion.
relevant Do more research before
example making a conclusion.
False Cause Drawing improper When making causal
conclusions through statements, be sure you can
sequencing. If A comes explain the process through
before B, then A causes B. which A causes B beyond their
mere sequence.
Personalisations Inserting personalities Focus on merits and supporting
inappropriately into an data of an argument, not on the
argument. Common in personality or behaviour of the
political arguments. people making the arguments.
Everyone Does Justifying an issue based The popular position is not
it on only the number of always the right one. Be wary of
people involved. arguments that rely exclusively
on one set of numbers.
Appealing to Using an endorsement Quoting authorities is a valuable
authority from someone as a primary tool to build an argument;
reason for supporting a however, make sure the
point of view. authorities you quote are truly
experts on the issue you are
discussing.
Weak Analogy Using irrelevant Make sure you identify the
similarities in two objects properties relevant to the
to draw a conclusion. argument you are making and
see if both share those properties.
Please be reminded that this marking scheme especially the suggested answer serves only as a
reference to you. As students may have different style of writing, kindly accept answers that
are relevant to the question.
This marking scheme is only for the tutor and should not be shared with the students.
When marking, kindly provide constructive comments which can help students to do better for
their next assignment. Avoid giving comments that are too general or may discourage students.
Highlight areas that require improvement and direct them to the right source for accurate answers.
Thank you.