Term Paper: Project Management’s Role in Decision Making

By | December 24, 2011

Sample Term Paper

Streamlined Decision Making
Project management ensures that detailed analyses are completed during the planning phase of project management and decisions are taken based on the results. Tools used to aid decision-making include: Pareto Analysis, Decision Trees, Cost/Benefit Analysis as they support managers in choosing between multiple alternatives based on key objective criteria such as costs, benefits, time required, work required etc.Risk analyses identify and measure risks and develop plans to be made for their mitigation. Doing so improves decision making in case the risk actually transpires and reduces the damage due to poor decision making made in the heat of the crises. Project management also lays out the responsibility for decision making for each area and thus reduces the confusion due to multiple points of views. By basing decisions on transparent and objective criteria, project management also reduces that chances that decisions may be made due to personal/political reasons which may affect the organizations objectives adversely while consuming organizational resources.

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