Economic Decision Making and Risk Management in a Project Management Environment

2020 ◽  
Vol 10 (2) ◽  
pp. 1-24
Author(s):  
Brian J. Galli
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Design Science ◽  
Business Environment ◽  
Assessment Model ◽  
Success Rates ◽  
Mathematical Methods ◽  
Business Decisions ◽  
Economic Decision Making ◽  
Research Gap

In today's uncertain business environment, companies must evaluate risk for projects before making business decisions. For example, one can use the SMART method. Also, Gantt charts help the project manager to schedule and plan, which helps in decision-making for the project. Technology has created software for discovering the probability of the risk with algorithms and many mathematical methods. However, pre-existing literature does not show how these variables, their concepts, and models help in project management, which has resulted in a research gap. Thus, this study addresses the most current variables, their concepts, and models within operations and project management. With a design-science-investigate strategy, the authors approve a valuable growth reveal for reasonable and hypothetical application. Thus, they create a suitable assessment model to fill the research void, as well as to contribute to the engineering field by improving the project success rates and helping with team communication.

scholarly journals How Statistical Analysis Tools can be Used to Effectively Plan and Execute a Strategic Plan for an Organization

2021 ◽  
Vol 8 (1) ◽  
pp. 0-0
Keyword(s):  
Project Management ◽  
Statistical Analysis ◽  
Strategic Planning ◽  
Project Success ◽  
Design Science ◽  
Strategic Plan ◽  
Assessment Model ◽  
Team Communication ◽  
Success Rates ◽  
Research Gap

However, pre-existing literature does not show how these variables, their concepts, and models help in strategic planning, which has resulted in a research gap. Thus, this study addresses the most current variables, their concepts, and models within operations and project management. With a design-science-investigate strategy, we approve a valuable growth reveal for reasonable and hypothetical application. Thus, we create a suitable assessment model to fill the research void, as well as to contribute to the engineering field by improving the project success rates and helping with team communication.

scholarly journals How Statistical Analysis Tools Can Be Used to Effectively Plan and Execute a Strategic Plan for an Organization

2021 ◽  
Vol 8 (1) ◽  
pp. 1-16
Author(s):  
Brian J. Galli
Keyword(s):  
Project Management ◽  
Statistical Analysis ◽  
Strategic Planning ◽  
Project Success ◽  
Design Science ◽  
Strategic Plan ◽  
Assessment Model ◽  
Team Communication ◽  
Success Rates ◽  
Research Gap

However, pre-existing literature does not show how these variables, their concepts, and models help in strategic planning, which has resulted in a research gap. Thus, this study addresses the most current variables, their concepts, and models within operations and project management. With a design-science-investigate strategy, we approve a valuable growth reveal for reasonable and hypothetical application. Thus, we create a suitable assessment model to fill the research void, as well as to contribute to the engineering field by improving the project success rates and helping with team communication.

scholarly journals Application of Systems Engineering to Risk Management

2020 ◽  
Vol 9 (2) ◽  
pp. 1-23
Author(s):  
Brian J. Galli
Keyword(s):  
Complex System ◽  
Risk Management ◽  
Project Management ◽  
Systems Engineering ◽  
Design Science ◽  
System Engineering ◽  
System Thinking ◽  
Assessment Model ◽  
Success Rates ◽  
Research Gap

System engineering is an interdisciplinary field of engineering and engineering management that focuses on the design and management of the system. The system as a whole is the concern, which is followed by more technical aspects of the system, the design of everything, and the management of a complex system. Inspecting and making the system more efficient is the focus for system engineers. Additionally, risk management is being able to predict, evaluate, and solve risks that are going to happen or may happen in the future. There are three models that help system engineers with making a complex system look simpler and less frightening: the Vee, Spiral, and Waterfall models. While system thinking is a very important part of system engineering, there always has to be a collection of data to study for making decisions. As of now, there is no explanation in literature how these variables, their concepts, and models are beneficial to project management. This has created a research gap, so the study examined the most current variables, their concepts, and models in operations and project management. Furthermore, a design-science-investigate strategy was used to approve a valuable growth reveal for both reasonable and hypothetical application. As a result, an assessment model was generated to fill the research gap and to contribute to the engineering field through improved project success rates and team communication.

A Research Methodology Based on Design Science for the Construction of Cognitive Maps: The Case of a Chinese Steel Company’s Strategic Decision Making

2011 ◽  
Vol 204-210 ◽  
pp. 2098-2102 ◽  
Author(s):  
Ying Hong Zhong ◽  
Hong Wei Liu
Keyword(s):  
Decision Making ◽  
Research Methodology ◽  
Design Science ◽  
Business Environment ◽  
Cognitive Map ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Wicked Problem ◽  
Senior Executives ◽  
Cognitive Decision

In turbulent business environment, executives’ cognition plays an important role in their understanding and the process of decision making. Cognitive map helps the senior executives in their thought process. The construction of information-based cognitive map, however, is a wicked problem, which could hardly be tackled by hard systems methodologies. Design science provides a good solution. This paper puts forward a research methodology, which is divided into six activities, to build up an information systems (IS) based cognitive map for cognitive decision support. The methodology is demonstrated by a case study of a Chinese steel company’s strategic decision making.

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.

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.

Economic Decision Making and Risk Management

2019 ◽  
Vol 8 (1) ◽  
pp. 34-58
Author(s):  
Brian J. Galli
Keyword(s):  
Decision Making ◽  
Operations Management ◽  
Corporate Management ◽  
Business Decisions ◽  
Business Operations ◽  
Economic Decision Making ◽  
The Future ◽  
Business Entities ◽  
Definition Of

The definition of long-term objectives in corporate management as well as means of achieving them is often associated with uncertainty. The reason for this is apparent: managers in corporate entities cannot predict all circumstances, whether positive or negative, that is likely to occur in the future. Management during the decision-making process must be able to make informed decisions given the existence of insecurities and uncertainties in the course of business operations. Management must, therefore, take into account the risks that might occur in the future. As a result, this article aims at discussing the risks affecting corporate entities. The paper also defines and analyzes the risks, thus explaining how business entities can tackle them through making informed business decisions.

scholarly journals Measurement System Analysis and System Thinking in Six Sigma

2020 ◽  
Vol 9 (1) ◽  
pp. 44-62
Author(s):  
Brian J. Galli
Keyword(s):  
Measurement System ◽  
Six Sigma ◽  
System Analysis ◽  
Design Science ◽  
System Thinking ◽  
Assessment Model ◽  
Success Rates ◽  
Reliable Measurement ◽  
Measurement Systems ◽  
Measurement System Analysis

This article investigated measurement system analysis and system thinking in Six Sigma, as well as the factors that influence these actions. If the measurement system being used to accumulate data from the process delivers dependable and accurate results, the measurement system analysis regulates it. Process improvement initiatives can be derailed by faulty measurement systems. Also, managers who have read faulty data can be misled into making wrong decisions. To collect trustworthy data, a reliable measurement system is established with this process. A method to assess an organization as a system and interpret its practices as a whole with Six Sigma is system thinking. Also, fixing a system as a whole helps to identify the real causes of issues and to know where to address them. This article addressed the contribution of these two methods to an overall success of an organization operating Six Sigma. The most current variables, concepts, and models were studied within operations and project management. By using a design-science-investigate strategy, this study approved of a valuable growth reveal for reasonable and hypothetical application. This study allowed us to generate a fitting assessment model that will fill the research void. Also, this study contributed to the engineering field with improved project success rates and team communication.

Social Media in Business Decisions of MSMES

2022 ◽  
Vol 14 (1) ◽  
pp. 0-0
Keyword(s):  
Decision Making ◽  
Social Media ◽  
Relevant Literature ◽  
Business Environment ◽  
Business Decisions ◽  
The Social ◽  
Social Media Platforms ◽  
Media Applications ◽  
Media Integration ◽  
Potential Opportunity

Social media has progressively grown in the last century and is now seen as a potential opportunity for various purposes, including the decision-making. Present work explores how social media platforms such as Facebook, Twitter, and Instagram etc. can be used to support the decision making process of MSMEs. The work is exploratory in nature and relevant literature has been reviewed to identify the decision making approaches at different managerial levels and how they have been integrated with the social media applications. Specific examples of Social media platforms have been discussed, considering the MSMEs’ business environment. Along with the practices, most important challenges to social media integration have also been presented.

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