Decision Making Models in Project Management
Introduction
Project Management has emerged as a discipline of high level decision making with the help of analogue and digital tools which would help augment the intuition of a Project Manager and his team for taking decisions in favour of the future of the project.
These decision making tools are general, they are based on common sense and are used in all the trades for backing up the decisions taken by the decision making authorities.
Time, cost and scope are the triple constraints of any project. Any variation in the stipulated value of these three constraints is bound to affect the project’s outcome. So, what a project manager should do in order to keep these three constraints in check? Should he be doing work around after the risks have happened or should he be planning for the risks through these decision making models?
Through decision making models we do not essentially plan for the risks, but we perform a reality check with what should be the step which shall be taken in response to a particular situation. This situation may account for positive or negative risks and for the risks we can deduce a risk response plan accordingly.
The Decision Making Process
The whole purpose of indulging in the decision making process is to make a rational decision. Rational decision making means a tendency that is suitable to the already existing goals within the given conditions and constraints. Project
Management thrives on the rationality of decisions and here is where it is important for the Project manager to have a process which enables him and his team decide rationally about different aspects of the project.
Let us take a look at what really helps to make decisions
Facts
If you want to make a decision, the basic requirement for the same is gathering relevant information. Appropriate use of this information will be helpful in deciding about ways to reach to the goal or an objective.
Values
Decisions are primarily based on situations. An action to a particular situation is determined by values.
Means
It is the way you reach your objective based on already devised values and significances
Ends
These are the intermediate goals which add up to a final objective. Here, you can see that decision making is an iterative process.
In simple words, there are four steps in the process of decision making pertaining to the above points
- Identify the problem, gather relevant information
- Look out for the constraints and limitations
- Find, analyse all the alternatives and select the best of them
- Implement the same and establish a control and valuation system.
Here are some of the most commonly used decision making models in Project Management
SWOT Analysis
This is a very common decision making model specifically used during feasibility study of the project. SWOT analysis brings unsorted issue to a conclusion when the project is gauges based on Strength, Weakness, Opportunity and Threat.
The steps for SWOT analysis are the same as mentioned above, but there is one caution which needs to be followed which is the emphasis on deep analysis of strength and weaknesses similarly, opportunities and threats.
Maslow’s Pyramid
Maslow’s Pyramid of hierarchical need has been very well spoken and discussed in the HR industry which is an integral part of Project Management. Deduced in 1943, by Abraham Maslow, this decision model speaks volumes about basic human needs and their effect on human behaviour. While working on the projects the most inconsistent variable which a project manager faces is a human resource. Understanding Maslow’s pyramid helps project manager to identify problems related to human resources.
Maslow typically says that there are five levels of human needs and it is through their accomplishment one by one that the human can reach self-actualization.
The pyramid consists of physiological needs, security requirements, social relationships, recognition and self- actualization.
This theory of understood properly can help a project manager a great deal while working with human resources.
Pareto Principle
This is also called as 80-20 rule wherein you prioritize your problems and then find out solutions. In order to understand the concept, this 80-20 rule can be described as an example of problems in organization created by people. We can say that the 80% of the problems are created by 20% of the people in any organization.
Let us say you have a BPO and 5 of the problems in your organization are due to lack of promptness, 3 problems are due to poor linguistic ability and 2 problems are due to poor organization skills. So you can say that major problem here is caused by the lack of training and development because if you impart training to your employees automatically promptness and linguistics will be taken care.
Monte Carlo Simulation
Now here is a cache, Monte Carlo simulation is a model which essentially focusses on the numerous simulations over random sampling yielding results which are approximate. It just tells us that even models can be random and have very less reality attached to it. This Monte Carlo simulation model is interesting because of the random sampling and use of probability and statistics to determine the result. In project management Monte Carlo simulation method is used for quantitative risk analysis wherein you will be able to identify quantitative impact of a risk on project’s objective.
Decision tree analysis
This decision model is used while performing procurement analysis. The question of whether to build or buy is answered using this decision tree analysis. You can give each of the possibility a chance of yes and no in percentages and calculate the amount invested against the amount received. Based on the profits you can decide whether to build or buy for a particular project.
There are many more decision making models and those can be effectively used in professional as well as personal life. These tools are sometimes regarded highly in the sphere of project management as their capacity of backing up decisions taken by project manager is enormous. A good project manager can understand the need of these effective tools which can be used all through the life cycle of project management.
Don’t forget to leave your comments below.
online real casino
free casino games online https://download-casino-slots.com/
us casino online
casino online gambling https://firstonlinecasino.org/
hollywood casino online promo code
bitcoin online casino https://onlinecasinofortunes.com/
best casino online real money
no deposit online casino bonus https://newlasvegascasinos.com/
free bonus without deposit online casino
win real money online casino https://trust-online-casino.com/
liberty online casino
guts casino online chat https://onlinecasinosdirectory.org/
casino online real money
online casino sign up bonus https://9lineslotscasino.com/
casino online games
jumba bet online casino https://free-online-casinos.net/
online pa casino
golden nugget online casino https://internet-casinos-online.net/
online casino pa
san manuel online casino real money https://cybertimeonlinecasino.com/
best baccarat online casino
atlantis casino online https://1freeslotscasino.com/
gta online casino heist payout
best online usa casino https://vrgamescasino.com/
online casino no deposits
bogata online casino https://casino-online-roulette.com/
real online casino usa
casino games online free https://casino-online-jackpot.com/
mgm pa online casino
usa casino online https://onlineplayerscasino.com/
best online casino sites
online mobile casino https://ownonlinecasino.com/
vegas 7 online casino
real online casino no deposit bonus https://all-online-casino-games.com/
best online casino
casino games online real money https://casino8online.com/
turbo vpn download
buy vpn server https://freevpnconnection.com/
vpn ratings
softether vpn https://freehostingvpn.com/
best vpn for small business
best vpn torrenting https://ippowervpn.net/
free vpn client
best free vpn pc https://imfreevpn.net/
how to use a vpn
unlimited free vpn https://superfreevpn.net/
best free computer vpn
best vpn 2022 reddit https://free-vpn-proxy.com/
what does a vpn do
hotspot shield free vpn. https://rsvpnorthvalley.com/
popular gay dating apps for android
gay dating, caffmos https://gay-singles-dating.com/
gay dating site free
free discreet gay dating site https://gayedating.com/
gay dating baton rouge
best dating apps for gay men https://datinggayservices.com/
dating sites really free
dating game https://freephotodating.com/
popular now o
dating seiten in schweiz https://onlinedatingbabes.com/
interracial dating site
online-dating-ukraine https://adult-singles-online-dating.com/
best sites for online dating
fuck2date69 https://adult-classifieds-online-dating.com/
zoosk dating sitef
catholic christian dating website https://online-internet-dating.net/
singles near you
our time dating https://speedatingwebsites.com/
dating free site
local free personal ads https://datingpersonalsonline.com/
best datings sites
adult dating site https://wowdatingsites.com/
senior singles chat
12 single dating site https://freeadultdatingpasses.com/
topchatsites chat
christian singles dating site https://virtual-online-dating-service.com/
dating website no credit card
free single personal ads https://zonlinedating.com/
dating sites free online
meet singles for free https://onlinedatingservicesecrets.com/
sicheres online casino
real casino games online https://onlinecasinos4me.com/
mgm online casino michigan
caesars casino free online slot machine games https://online2casino.com/
mgm online casino bonus code
maryland online casino https://casinosonlinex.com/
dirty gay video chat free
dirty gay video chat https://newgaychat.com/
free gay chat lines in fitchburg,ma
gay chat https://gaychatcams.net/
gay mature chat
transcript of a man’s first gay chat https://gaychatspots.com/
gay men webcam chat broadcast self
gay video chat free https://chatcongays.com/
gay chat room atlanta
gay men chat roon 91764 https://gayphillychat.com/
gay chat text
gay dot com chat room https://gaychatnorules.com/
gay ky chat rooms
chat muscle gay https://gaymusclechatrooms.com/
gay vid chat
gay chat rooms on aol https://free-gay-sex-chat.com/
gay phont chat
totaly free gay chat https://gayinteracialchat.com/
free gay live chat
gay boy chat https://gaymanchatrooms.com/
academic paper writing services
paper writing services for college students https://term-paper-help.org/
paper writing website
college papers help https://uktermpaperwriters.com/
write my paper fast
help writing a paper for college https://paperwritinghq.com/
custom paper writing service
i need someone to write my paper https://writepapersformoney.com/
paper writer online
write my statistics paper https://write-my-paper-for-me.org/
help with college papers
find someone to write my college paper https://doyourpapersonline.com/
buy papers online for college
buy college papers online https://top100custompapernapkins.com/
buy a philosophy paper
pay to do paper https://researchpaperswriting.org/
paper writing service college
paper writers college https://cheapcustompaper.org/
best college paper writing service
scientific paper writing services https://writingpaperservice.net/
help with paper
paying someone to write a paper https://buyessaypaperz.com/
paper writer
help with your paper https://mypaperwritinghelp.com/
buy school papers
buying college papers https://writemypaperquick.com/
help with writing a paper
need help write my paper https://essaybuypaper.com/
write my apa paper
best custom papers https://papercranewritingservices.com/
paper writing service
customized paper https://premiumpapershelp.com/
buy a college paper online
paper writing services legitimate https://ypaywallpapers.com/
papers writing service
papers writing service https://studentpaperhelp.com/
1laplace
1blowjob
design and technology gcse coursework
help with coursework https://brainycoursework.com/
creative writing coursework
coursework sample https://courseworkninja.com/
coursework marking
degree coursework https://writingacoursework.com/
buy coursework
coursework project https://mycourseworkhelp.net/
online coursework
data analysis coursework https://courseworkdownloads.com/
coursework master
coursework help https://courseworkinfotest.com/
coursework writing
design coursework https://coursework-expert.com/
do my coursework
coursework resources https://buycoursework.org/
coursework online
coursework sample of written work https://courseworkdomau.com/
free online dating sites
onlinelovedating https://freewebdating.net/
dafing sites
lesbian cowgirls https://free-dating-sites-free-personals.com/
best free date sites
free dating ads https://sexanddatingonline.com/
facebook dating
lady dating https://onlinedatingsuccessguide.com/
free dating sites free
single seniors dating site https://onlinedatinghunks.com/
best dating site
good free dating sites https://datingwebsiteshopper.com/
free online dating
ourtime free trial https://allaboutdatingsites.com/
dafing sites
connecting singles online members https://freedatinglive.com/
farmers only dating
dating games https://freewebdating.net/