scholarly journals Challenges and Opportunities in Developing Project Management Decision-Making Tools

2021 ◽  
Vol 11 (2) ◽  
pp. 127-138
Author(s):  
Remil Aguda ◽  
Samantha Bonilla ◽  
Jalel Ben Hmida ◽  
Emmanuel D. Revellame
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Social Impact ◽  
Scale Up ◽  
Management Decision ◽  
Management Tools ◽  
Processing Technologies ◽  
Sustainability Criteria ◽  
Challenges And Opportunities ◽  
Management Decision Making

AbstractIncluding sustainability criteria for making decisions in project management poses challenges in the areas of bioenergy, biotherapeutics, and biomaterials. This is mainly due to chemical heterogeneity of bio-based materials, technoeconomic feasibility, and triple constraint of time, cost, and product quality. However, bio-based technologies create opportunities as sustainable processes because they involve upvaluation of locally available renewable and biodegradable materials. This work was conducted to identify challenges and opportunities in incorporating project management tools in bioproduct development with the goal of integrating measurable sustainability criteria scores in decision-making. The scores or metrics from these tools can be used by project managers for decision-making in engineering process scale-up, evaluation of social impact, and commercialization of processing technologies.

scholarly journals Can Serious Games Improve Project Management Decision Making Under Complexity?

2018 ◽  
Vol 50 (1) ◽  
pp. 23-39 ◽  
Author(s):  
David Rumeser ◽  
Margaret Emsley
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Performance Improvement ◽  
Work Experience ◽  
Serious Games ◽  
Project Work ◽  
Management Decision ◽  
Project Complexity ◽  
Management Decision Making ◽  
Management Games

The existing literature on project management serious games tends to ignore the effect of project complexity levels on decision-making performance. This research fills this gap by conducting an experiment whereby two similar project management games with different complexity levels were applied. Our findings suggest that these games can improve players’ decision-making performance both in the less complex and more complex scenarios. We also discover that game complexity levels do not affect teams’ decision-making performance improvement, and that teams with more project work experience tend to improve more than those with less experience in the more complex game.

scholarly journals Application of Genetic Algorithms for Decision-Making in Project Management: A Literature Review

2019 ◽  
Vol 22 ◽  
pp. 22-31
Author(s):  
Ieva Ancveire ◽  
Inese Poļaka
Keyword(s):  
Decision Making ◽  
Genetic Algorithms ◽  
Project Management ◽  
Human Resources ◽  
Scientific Literature ◽  
Management Decision ◽  
Decision Making Process ◽  
Development Projects ◽  
Management Decision Making ◽  
Available Information

In software development projects, managers still have to face a variety of organisational and technical limitations despite the development of technology and approaches to improve the project management process. Projects, Human Resources and Costs are planned for a specific period of time. However, in the progression of project execution, there is a need to make various decisions and to dynamically adjust the work plan during the project in order to conform to its evolution. Thus, there is a need for a method that employs the latest technology to support the project management decision-making process. The aim and the expected result of the article are to identify and collect available information in the scientific literature to answer the following questions: (1) Which challenges of project management have been addressed using genetic algorithms? (2) What are the opportunities and limitations of genetic algorithms in the project management decision-making process? (3) What are the potential solutions to the identified genetic algorithm problems?

Real Options Theory

2020 ◽  
pp. 1-19
Author(s):  
Hugo Ferreira Braga Tadeu ◽  
Jersone Tasso Moreira Silva ◽  
George Leal Jamil
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Real Options ◽  
Project Evaluation ◽  
Research Field ◽  
Management Decision ◽  
Real Options Theory ◽  
Management Decision Making ◽  
Innovation Project ◽  
Options Theory

The objective of this chapter is to present the real options theory (ROT) as an alternative methodology applicable to investment analyses in research and development projects (R&D). The authors intend to simulate the evaluation of an R&D project as a real option, compare real options theory outcomes to a conventional R&D project evaluation technique, and review real options theory as a trend in innovation project evaluation. The outcomes were compared to those obtained via the traditional net present value (NPV) method and a brief practical discussion regarding project management decision making is held. Finally, although ROT is still in a developmental and consolidation stage, the authors suggests that it can be used as a promising tool in the decision-making process concerning R&D projects. ROT is presented as a research field that would integrate a set of emerging management technologies, becoming a theoretical base for new tools and methods to support project management (PM) decision making.

Visualization of multidimensional feasible values areas in the management problems of complex objects

2020 ◽  
Vol 5 ◽  
pp. 29-33
Author(s):  
O.V. Kofnov ◽  
Keyword(s):  
Decision Making ◽  
Decision Support ◽  
Entire Range ◽  
Multidimensional Data ◽  
Management Decision ◽  
Two Dimensional ◽  
Complex Objects ◽  
Management Tools ◽  
Management Problems ◽  
Management Decision Making

Goal. The goal of this study is the development of a convenient method for visualizing multidimensional data by projecting onto two-dimensional planes. According to the projections obtained in this way, the expert can assess the entire range of permissible values for the subsequent management decision-making. Materials and methods. This goal is achieved by using standard database management tools and the declarative SQL language. The results can be presented in the form of digital images using both standard charting tools and a developed original computer program. Results. An algorithm for preparing and displaying multidimensional data on two-dimensional planes is proposed on the example of a fi ve-dimensional area. The proposed algorithm can be scaled to a feasible set problem of any dimension. Conclusion. Visualization of multidimensional areas of permissible values by projection onto two-dimensional planes simplifi es the perception of data by a decision-maker, which is relevant in automated decision support systems (DSS) in the management problems of complex objects (CO).

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