The classical approach to making decisions in project management is a very rational set of steps:
Identify the problem – recognize there is a problem, define the goals, and gather the information needed to make a rational decision.
Generate all possible solutions – brainstorm all solutions, preferably in a group. Don’t filter anything even remotely reasonable at this point.
Generate objective criteria – generate the measurement criteria to assess the possible solutions for feasibility and reasonableness. Begin taking into account criteria for measuring the success or failure of the decision.
Select the best option – using the filtering criteria, make a decision on the best possible solution.
Implement the solution – put into place the preferred solution.
Monitor the results – track and monitor the outcome of the implemented solution and the results that ensue. This may take some time for long-term outcomes to become apparent. Did the proposed solution work or should another solution be implemented?
Project Monitoring Criteria for decision making
Some of the important criteria for decision-making are as under:
· Time overrun/ under-run i.e., whether the ‘activities’ are on course, delayed or advanced, particularly the critical ones; whether criticality of ‘activities’ has changed or likely to change.
· Cost overrun/ under-run. i.e., whether actual cost is more than/ less than the value of work done.
· Resources availability; matching availability of manpower, construction equipment,
funds, etc. with the schedule.
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Project Planning and Management Study notes for M. plan Sem-II
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