Do managers learn more about successful project management methods from articles in high impact factor journals?

2021 ◽  
pp. 1-17
Author(s):  
Moti Zwilling ◽  
Eyal Eckhaus
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Impact Factor ◽  
Practical Knowledge ◽  
High Impact ◽  
Optimal Decision ◽  
High Impact Factor ◽  
Machine Learning Classification ◽  
Optimal Decision Making ◽  
The Impact

BACKGROUND: In recent years, the need to develop performance-based measurement systems to improve project management outcomes has dramatically increased. Managers still take various risks during the course of managing projects which lead to ineffective decision making. A range of theories discuss such behaviors. These theories demonstrate that the discussion of risk embedded in non-optimal decision-making processes is based on theory rather than practical knowledge. However, various components of project management can be derived from academic best practices for decision making. OBJECTIVE: The study aims to explore whether articles in high impact journals tend to embody practical, rather than theoretical, knowledge thus closing the gap between academia and industry. The study is based on SEM and various machine learning classification methods. METHOD: The study was conducted using an NLP analysis of 1461 academic journals in the field of project management. RESULTS: Results show a significant positive relationship between the success of projects and the impact of new practical procedures. In contrast, a negative correlation was found between theories that use non-practical processes of effective project management. CONCLUSION: Managers can learn about new methods for project management from articles in high impact factor journals.

Model Analysis of Optimal Pollution Tax under Environment Rent Philosophy

2012 ◽  
Vol 524-527 ◽  
pp. 3411-3415
Author(s):  
Miao Sheng Chen ◽  
Hui Ling Lu
Keyword(s):  
Decision Making ◽  
Mathematical Models ◽  
Model Analysis ◽  
Optimal Decision ◽  
Pollution Tax ◽  
Mathematical Equations ◽  
Pollution Taxation ◽  
Optimal Decision Making ◽  
The Impact

This paper uses the concept of environment rent philosophy to explain rationale for government taxation and principles of taxation, and uses mathematical models to specifically discuss practical problems of government pollution taxation under this philosophy. The model provides mathematical equations for optimal decision-making by consumers, producers, and government and analyzes the impact of changes in taxation rates on the three parties.

scholarly journals Optimal Decision Making in Electrical Systems Using an Asset Risk Management Framework

Energies ◽  
2021 ◽  
Vol 14 (16) ◽  
pp. 4987
Author(s):  
David L. Alvarez ◽  
Diego F. Rodriguez ◽  
Alben Cardenas ◽  
F. Faria da da Silva ◽  
Claus Leth Leth Bak ◽  
...  
Keyword(s):  
Decision Making ◽  
Monte Carlo ◽  
Power Transformer ◽  
Risk Index ◽  
Mathematical Optimization ◽  
Optimal Decision ◽  
Health Index ◽  
Electrical Systems ◽  
Optimal Decision Making ◽  
The Impact

In this paper, a methodology for optimal decision making for electrical systems is addressed. This methodology seeks to identify and to prioritize the replacement and maintenance of a power asset fleet optimizing the return of investment. It fulfills this objective by considering the risk index, the replacement and maintenance costs, and the company revenue. The risk index is estimated and predicted for each asset using both its condition records and by evaluating the consequence of its failure. The condition is quantified as the probability of failure of the asset, and the consequence is determined by the impact of the asset failure on the whole system. Failure probability is estimated using the health index as scoring of asset condition. The consequence is evaluated considering a failure impact on the objectives of reliability (energy not supplied -ENS), environment, legality, and finance using Monte Carlo simulations for an assumed period of planning. Finally, the methodology was implemented in an open-source library called PywerAPM for assessing optimal decisions, where the proposed mathematical optimization problem is solved. As a benchmark, the power transformer fleet of the New England IEEE 39 Bus System was used. Condition records were provided by a local utility to compute the health index of each transformer. Subsequently, a Monte Carlo contingency simulation was performed to estimate the energy not supplied for a period of analysis of 10 years. As a result, the fleet is ranked according to risk index, and the optimal replacement and maintenance are estimated for the entire fleet.

Understanding User Decision Making and the Value of Improved Precipitation Forecasts: Lessons From a Case Study

2004 ◽  
Vol 85 (2) ◽  
pp. 223-236 ◽  
Author(s):  
Thomas R. Stewart ◽  
Roger Pielke ◽  
Radhika Nath
Keyword(s):  
Decision Making ◽  
New York ◽  
New York State ◽  
Holistic Approach ◽  
Optimal Decision ◽  
Weather Information ◽  
Optimal Decision Making ◽  
Decision Making Model ◽  
The Impact

A case study of the impact of improved precipitation forecasts on the snow-fighting operations of the New York State Thruway is reported. The goal was to use currently available data and literature on forecast process, communication, and use in conjunction with observations and interviews with key decision makers to derive a model that yields estimates of value to users based on a model of their decision processes rather than an optimal decision-making model. That goal proved too ambitious due to limitations in available data. A major lesson learned from this research is the importance of improved, ongoing data collection to support studies of use and value of weather information. A more holistic approach to understanding and realizing forecast value is needed, that is, one in which information (both of forecast skill and usage) centered on the decision process is collected in a much more intensive manner than is presently the case.

scholarly journals Risk and Financial Management Practice in the Construction Sector in Nigeria, System Thinking Perspective

2014 ◽  
Vol 41 ◽  
pp. 165-175
Author(s):  
Samuel B. Ekung
Keyword(s):  
Decision Making ◽  
Risk Management ◽  
Financial Management ◽  
Construction Projects ◽  
Management Practice ◽  
System Thinking ◽  
Optimal Decision ◽  
Optimal Decision Making ◽  
The Individual ◽  
The Impact

Risk and financial management of construction projects have been widely studied using different approaches and systems. Three basic frontiers underpin project management research in this area: normative; descriptive; and instrumental. The descriptive approach deals with how project managers perceive and represent risks that is, risk analysis. Instrumental approach study’s the impact of risk management on projects and the organisation. This perspective informs the premise in which studies that seek to justify the need for risk management are based. The normative approach identifies the moral and ethical linkages between the individual, organisations and supra system and risk management practice. While a vast of number of studies have been descriptive and instrumental, very few however address systemic issues impacting risk and financial management practice. This paper sets out to reflect on the risk and financial management practice in Nigeria using system approaches. It is a critical appraisal involving SLEEPT, Multiple goal and the GESTALT theories. In reprising the problem, the report assessed the national economy of Nigeria using SLEEPT, with a view to establishing whether it is situated in extremistan or mediocristan. The organisation, a sub-system of the supra system is evaluated to establish its links with the supra system using GESTALT. A refinement is carried out based on these analyses in order to achieve congruence and to establish a baseline upon which risk and financial can be improved. The analysis reveals social, political, environmental and economic context of the supra system are in extremistan while the legal and technology are in mediocristan. The linkage in the different systems is anchored on decision making by the individual. Optimal decision making is therefore formulated using interactive framework.

scholarly journals Five Steps Towards Avoiding Narrative Traps in Decision-Making

2021 ◽  
Vol 12 ◽  
Author(s):  
Paul Dolan ◽  
Amanda Henwood
Keyword(s):  
Decision Making ◽  
Optimal Decision ◽  
Uncertain Environment ◽  
Simple Rules ◽  
Optimal Decision Making ◽  
Dominant Narratives ◽  
The Impact ◽  
High Uncertainty

Narratives provide simple rules about how we ought to live and what our priorities ought to be. They are especially appealing in times of high uncertainty. Using the uncertainty surrounding Covid-19 as an illustration, we show how a narrative to preserve life has become dominant, and we illustrate how it has been reinforced by several behavioural biases. We argue that being able to identify and critically evaluate the impact of dominant narratives is vital to ensuring optimal decision-making. To facilitate this, we offer five recommendations—the ABCDE of decision-making—that can help to reduce the “narrative trap” in decision-making in any uncertain environment.

scholarly journals The Impact of Our High Impact Factor

2020 ◽  
Vol 22 (3) ◽  
pp. 285-285
Author(s):  
Jong S. Kim
Keyword(s):  
Impact Factor ◽  
High Impact ◽  
High Impact Factor ◽  
The Impact

scholarly journals GEAR: On Optimal Decision Making with Auxiliary Data

Stat ◽  
2021 ◽  
Author(s):  
Hengrui Cai ◽  
Rui Song ◽  
Wenbin Lu
Keyword(s):  
Decision Making ◽  
Optimal Decision ◽  
Auxiliary Data ◽  
Optimal Decision Making
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