Develop Project Management Plan Develop Project Charter Define Scope Select Project Process CORRECT: b. Decision Making Models Examine 15 models for decision making and determine which one best applies to your job or situation. Decision tree analysis is used to calculate the average outcome when the future includes scenarios that may or may not happen. The first step to making a good decision is to work on the right decision problem. You can understand the PMP salary increase, the cost involved, … A decision model that manipulates the data and translates the information into intelligence by providing insights into the consequences of making alternative choices and the value of those consequences. They make a decision as the stakes can be high and wrong ones are costly. 0000260024 00000 n ... 2 General Guidelines 3 References: A set of techniques to facilitate group decision making, prioritization, and/or evaluation of alternatives. My students regularly ask for tools that might be used to create simple decision tree models. Calculating Expected Monetary Value by using Decision Trees is a recommended Tool and Technique for Quantitative Risk Analysis. The PMP®, or Project Management Professional, is an exam conducted by the Project Management Institute (PMI)®, is a globally recognized certification. With the release of the Project Management Body of Knowledge PMBOK 5th eddition. There are three basic types of Project Management Office (PMO) organisations, varying in the degree of control and influence they have on projects within the organisation. The grid based models … 0000001410 00000 n To really make sure you understand the concept, however, it’s important to draw and analyze from scratch. Leave a Message Cancel reply. Power/Influence grid. Calculating the Expected Monetary Value of each possible decision path is a way to quantify each decision in monetary terms. between project management decisions and project management maturity. Business or project decisions vary with situations, which in-turn are fraught with threats and opportunities. Impact/Influence grid. 0000001550 00000 n Project managers constantly create mathematical models of projects, in most cases this is the project schedule. While all the decision-making methods have their … DeKUT BBA & BCOM - BBA 2427: PROJECT MANAGEMENT DECISION MAKING MODELS Compiled by CPA CS Chris Githinji 2 2. At this point, you should have a full decision tree made. 0000004415 00000 n Maybe we need to choose between pizza or a salad for lunch. Alexander Hiam. PROJECT SMART is the project management resource that helps managers at all levels improve their performance. PMP Test Questions #8. SWOT Analysis. The project manager’s inability to solve a problem or unwillingness to make a decision … Bounded rationality decision-making model And that sets us up to talk about the bounded rationality model. Project Management Monitoring & Control You will need to determine which type you need to establish in order to have an effective project office. Decision models include two RML system models (decision trees and decision tables) that detail the system logic that either controls user functions or decides what actions a system will take in various circumstances. Apply the appropriate decision making technique and, once a decision has been reached, communicate the decision to those stakeholders affected to facilitate buy-in and commitment. Solution evaluation planning The situation was one where he was working with scientists and medical personnel responsible for a portfolio of global drug development projects. Project managers constantly create mathematical models of projects, in most cases this is the project schedule. 35 33 Geographically based decision making techniques help structure ideas and focus attention on …