What Is the Project Decision Analysis
Project decision analysis is a tool to solve problems related to the projects. It is a practical framework of methods and tools to promote creativity and help people make better decisions. The video shows why project decision analysis is important to reduce chance of project failure and complete project on time and on budget.
Heuristics and Biases in Project Management
People use heuristics or general rules of thumb to make judgments. In other words, people use mental “shortcuts” to make their decisions. In many cases the simplified model gives as correct answer. Because of our ability to create such models we achieved tremendous success in our civilization. Unfortunately, the model sometimes can be inadequate, and judgments based on this model can be incorrect. It leads to mental mistakes or biases.
Decision framing is a first phase of decision analysis process which helps us to understand the problem. Decision-framing helps decision-makers identify potential problems or opportunities; assess business situations; determine project objectives, trade-offs, and success criteria; and finally identify uncertainties.