PROJECT DECISIONS

Project Decision Analysis is a systematic process to support decision making in project-based organization. It is a critical component of successful project management. Project decision analysis uses a number of format methods and techniques including judgement elicitation, decision tree analysis, quantitative analysis of project schedules, sensitivity analysis, and others. Project decision analysis includes multiple phases: decision framing, modeling the situation, quantitative analysis, and implementation, monitoring, and review of the decision. Project risk management and project risk analysis overlaps with project decision analysis. Results of project risk management and risk analysis help with making project decisions. The examples of project decisions include proper defining of project scope, budgeting, choosing resources and suppliers, and many others. Project decision analysis processes are based on both psychology of judgement and decision making and mathematics and..