The Future of Economic Decision Making in Project Management

2020 ◽  
Vol 67 (2) ◽  
pp. 396-413 ◽  
Author(s):  
Brian J. Galli
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Economic Decision ◽  
Economic Decision Making ◽  
The Future

Practitioner's View on the Future of Economic Decision-Making in Project Management

2019 ◽  
Vol 6 (2) ◽  
pp. 33-55
Author(s):  
Brian J. Galli
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Future Trend ◽  
Team Size ◽  
Economic Decision ◽  
Economic Decisions ◽  
Economic Decision Making ◽  
The Future ◽  
Financial Decision ◽  
The Cost

As of now, the best means to plan for the future is project management because it has been proven effective in problem-solving and generating solutions. Few projects entail economic decision-making because of the cost factor, but the wrong decisions can be made because of the complications that come with making economic decisions. However, financial decision-making does not only entail gathering information and making decisions accordingly. The economy must be analyzed and the future economy must be estimated for any economic decisions to be viable. This study highlights the future trend, as well as the significance of economic decision-making within project management. Furthermore, it tests several factors: economic decision-making influence, creativity, risk profile, and the management team size for a successful project. Primarily, this study will assess how significant economic decision-making is in project management.

FISCAL PESSIMISM IN HISTORICAL PERSPECTIVE: TOCQUEVILLE'S CROSS REVISITED

2021 ◽  
pp. 1-21
Author(s):  
Isabel Cepeda ◽  
Pedro Fraile Balbín
Keyword(s):  
Economic Growth ◽  
Decision Making ◽  
Political Economy ◽  
Historical Perspective ◽  
Income Redistribution ◽  
Government Control ◽  
Economic Decision ◽  
Modern School ◽  
Economic Decision Making ◽  
The Future

ABSTRACT This paper explores Alexis de Tocqueville's thought on fiscal political economy as a forerunner of the modern school of preference falsification and rational irrationality in economic decision making. A good part of the literature has misrepresented Tocqueville as an unconditional optimist regarding the future of fiscal moderation under democracy. Yet, although he initially shared the cautious optimism of most classical economists with respect to taxes under extended suffrage, Tocqueville's view turned more pessimistic in the second volume of his Democracy in America. Universal enfranchisement and democratic governments would lead to higher taxes, more intense income redistribution and government control. Under democracy, the continuous search for unconditional equality would eventually jeopardise liberty and economic growth.

Economic-Decision-Making in New Product Development

2020 ◽  
Vol 7 (1) ◽  
pp. 1-27
Author(s):  
Brian J. Galli
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Product Development ◽  
New Product Development ◽  
New Product ◽  
Engineering Management ◽  
Economic Decision ◽  
Engineering Managers ◽  
Economic Decisions ◽  
Economic Decision Making

Economic decisions for a new product can impact any subsequent development, as well as the launching of the product. Furthermore, unsuccessful decision-making can result in missing business opportunities or spending more money on rework. This article investigates economic decision-making in the product development process. It also enhances the understanding of the process, the difficulties involved, and how to improve decisions during new product development. Thus, this study can serve as a reference when support methods for economic decisions are being initiated. Industrial engineers and engineering managers use economic decision-making for new product development. The results of this study indicate that economic decisions are vital to new product development, as they also bring radical changes in the fields of IE/EM/PM. The engineering management practitioner will understand the importance of these topics, their relevance to engineering management, and how engineering managers can integrate these ideas into their operations and project management lifecycle and project management settings. Economic decision-making models in IE/EM/PM should replace traditional non-scientific methods because they are inaccurate and speculative at best. Overall, by using the economic models, the engineering manager is prioritizing on the long-term prospect that the decision will have.

Emotions and Economics

2002 ◽  
Vol 50 (2_suppl) ◽  
pp. 69-89 ◽  
Author(s):  
Jocelyn Pixley
Keyword(s):  
Decision Making ◽  
Regenerative Process ◽  
Policy Implications ◽  
Economic Decision ◽  
Animal Spirits ◽  
Economic View ◽  
Economic Decision Making ◽  
The Future ◽  
Alternative Understanding

This chapter examines approaches to emotions in orthodox and various Keynesian-influenced economics, with regard to ‘interest’ and expectations, and compares it to sociological emotions research. First it shows how economics ignores ‘passions’ like greed or avarice by transmuting them to the allegedly more predictable, less emotional and completely ‘rational’ motives of interests. Interest, in contemporary orthodox accounts, is said basically to account for expectations but the accounts are derived from the Renaissance view that ‘interest will not lie’. In contrast, the less orthodox economic view argues that expectations are merely imagination and hope, however much data, expertise and information are used, and are thus far from predictable. The chapter then compares Keynesian concepts of emotions such as ‘animal spirits’ with sociological understandings of them. The contribution that emotions research can make to emotions in economic decision-making is then considered. Financial organizations, in particular, are obsessed with the future, hence the future-oriented emotions of confidence, optimism, pessimism, fear and trust are unavoidable, but this is an endlessly unlearned and regenerative process. Finally, the chapter touches on the policy implications of an alternative understanding of the typical emotions deployed in decision-making by financial organizations.

Economic decision making under conditions of extreme time pressure and option overload: an eye-tracking study

2008 ◽  
Author(s):  
Elena Reutskaja ◽  
Johannes Pulst-Korenberg ◽  
Rosemarie Nagel ◽  
Colin F. Camerer ◽  
Antonio Rangel
Keyword(s):  
Decision Making ◽  
Eye Tracking ◽  
Time Pressure ◽  
Economic Decision ◽  
Economic Decision Making
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