scholarly journals SYSTEM APPROACH TO PROJECT MANAGEMENT IN CONDITION OF BEHAVIORAL ECONOMY

2021 ◽  
pp. 43-49
Author(s):  
Valentina Molokanova ◽  
Inna Hordieieva
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Behavioral Economics ◽  
Human Behavior ◽  
Project Manager ◽  
Systemic Approach ◽  
Behavioral Approach ◽  
Integration Methods ◽  
Methodological Approaches ◽  
The Impact

Human behavior is the most common cause of project management failure. Behavioral economics is interdisciplinary in nature and allows you to identify the psychological basis for making a project manager decisions that lead to success or failure in projects. The personality of the project manager, project teams, and a special project environment continue to dominate the analysis of human behavior in project management. The article may be of interest to scientists and project management practitioners. The aim of the work is to study the principles of decision-making in project management and the influence of behavioral economics on them. The objectives of the article are to determine the impact of behavioral economics on project management as a system, to compare the methods of hard and soft systems approaches in planning and decision-making, to develop principles and sequence of actions for project integration. Methods. When writing the article, a behavioral approach, a systematic approach, decision-making methods, heuristic methods, a soft systemic approach, a hard systemic approach, a logical-structural approach, and integration methods were used. The results of the work are to harmonize the principles of PMBoK project management standards of the announced 7th edition, ISO 21500, ISO / IEC 15288 with the principles of the management economics approach. Providing system integration based on a soft systemic approach to management, allows to more fully take into account the human factor when making decisions and serve as a tool for implementing the principles of behavioral economics. A comparative analysis of the hard and soft systemic approaches is carried out and their main differences are identified. Effective integration requires organizational, administrative and behavioral skills in managing people. The principle of innovation, the principle of flexibility to change, the principle of combined compensation and the principle of combined value are the four principles of integration. Scientific novelty. The work further developed methodological approaches to substantiating the creation and further formation of a unique mental space for project activities, by ensuring the using of methods and approaches of behavioral economics. Practical significance. The results obtained are aimed at improving methodological approaches to decision-making in project activities based on ensuring the implementation of the principles of behavioral economics. Ensuring the principles and sequence of actions for the integration of the project is aimed at increasing the number of successfully implemented projects.

scholarly journals A Correlational Study on Project Management Methodology and Project Success

2019 ◽  
Vol 9 (2) ◽  
pp. 56-65
Author(s):  
Michael Pace
Keyword(s):  
Project Management ◽  
Project Success ◽  
Project Managers ◽  
Project Manager ◽  
Correlational Study ◽  
Demographic Information ◽  
Moderating Variables ◽  
Multiple Project Management ◽  
The Impact ◽  
The Relationship

Abstract This non-experimental correlational study extends previous research investigating the relationship between project management methodology and reported project success, as well as the moderating variables of industry and project manager experience. The sample included North American project managers with five years’ experience, 25 years of age or older, and experience with multiple project management methodologies. The survey instrument consisted of 58 questions, utilizing a 5-point Likert scale to record responses. The survey contained three sections, including demographic information, questions related to a successful project, and questions related to a less-than successful (failed / challenged) project. 367 usable responses were received. The examination of the constructs included Pearson’s correlation coefficient as well as linear regression to determine the impact of moderating variables. Results indicated that project management methodology has a weak correlation with reported project success, and this correlation is not moderated by industry nor project manager experience. The results did not align with previously conducted studies, illustrating a need to continue the study of methods impacting success including investigating additional moderating variables.

eTTCampus

2013 ◽  
pp. 528-540
Author(s):  
David E. Gray ◽  
Malcolm Ryan
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Critical Analysis ◽  
Virtual Campus ◽  
Team Members ◽  
Management Processes ◽  
Funded Project ◽  
Effective Use ◽  
The Impact ◽  
Training Opportunities

This chapter critically examines innovative approaches to the evaluation of a European funded project involving nine countries in the development of a virtual campus to provide training opportunities in ICT for teachers and trainers across Europe. It explores project management processes and decision-making and the impact on outcomes as well as relationships between project team members. It concludes with recommendations for the more effective use of a range of these approaches, asserting that a critical analysis of the processes of engagement is as important as the outcomes.

scholarly journals Understanding Relationship between Milestone and Decision-Making in Project Management: A Qualitative Study among Project Managers in Saudi Arabia

2018 ◽  
Vol 13 (8) ◽  
pp. 184 ◽  
Author(s):  
Umar Altahtooh ◽  
Thamir Alaskar
Keyword(s):  
Decision Making ◽  
Saudi Arabia ◽  
Project Management ◽  
Qualitative Study ◽  
Thematic Analysis ◽  
Project Managers ◽  
Structured Interviews ◽  
Pragmatic Research ◽  
The Impact ◽  
The Relationship

Despite the importance of milestone as a key knowledge in project management, there has been lack of research to understand the relationship between milestones and decision-making. This paper presents a pragmatic research context that aims understanding the nature of milestones and their relationship with different decision-making structures and responsibilities across projects. Data were collected through 14 semi-structured interviews with project managers and analyzed using thematic analysis. The findings explore the concepts of project milestones among project managers in Saudi Arabia. The paper finds that there is a relationship between milestones and the impact on decision-making.

Introduction to Very Large IT Projects

2009 ◽  
pp. 1-9
Author(s):  
Matthew Guah
Keyword(s):  
Project Management ◽  
Project Manager ◽  
It Projects ◽  
It Project ◽  
The Impact ◽  
Society Today

This chapter classifies the purpose of project management in IT projects as a means of introducing the topics covered in the book and demonstrates how a successful project manager must simultaneously manage these four basic elements of a very large IT project (resources, time, money, and scope). It also explains the impact of very large IT projects on business and the wider society today.

scholarly journals The Value of Behavioral Economics for EU Judicial Decision-Making

2020 ◽  
Vol 21 (2) ◽  
pp. 240-264
Author(s):  
Christoph K. Winter
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Hindsight Bias ◽  
Judicial Decision ◽  
Behavioral Economic ◽  
Judicial Decision Making ◽  
Fundamental Freedoms ◽  
Cognitive Illusions ◽  
Proportionality Test ◽  
The Impact

AbstractThis Article analyzes the value of behavioral economics for EU judicial decision-making. The first part introduces the foundations of behavioral economics by focusing on cognitive illusions, prospect theory, and the underlying distinction between different processes of thought. The second part examines the influence of selected biases and heuristics, namely the anchoring effect, availability bias, zero-risk bias, and hindsight bias on diverse legal issues in EU law including, among others, the scope of the fundamental freedoms, the proportionality test as well as the roles of the Advocate General and Reporting Judge. The Article outlines how behavioral economic findings can be taken into account to improve judicial decision-making. Accordingly, the adaptation of judicial training concerning cognitive illusions, the establishment of a de minimis rule regarding the scope of the fundamental freedoms, and the use of economic models when determining the impact of certain measures on fundamental freedoms is suggested. Finally, an “unbiased jury” concentrating exclusively on specific factual issues such as causal connections within the proportionality test is necessary, if the hindsight bias is to be avoided. While it is of great importance to take behavioral economic findings into account, judicial decision-making is unlikely to become flawless based on natural intelligence. Despite bearing fundamental risks, artificial intelligence may provide means to achieve greater fairness, consistency, and legal certainty in the future.

scholarly journals Integrated anti-risk management of conflicts of a scientific project in a behavioral economics

2020 ◽  
pp. 4-14
Author(s):  
D Bedrii
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Behavioral Economics ◽  
Conflict Management ◽  
Conceptual Modeling ◽  
Project Manager ◽  
Negative Consequences ◽  
Hr Management ◽  
Scientific Project ◽  
Management Conflicts

The object of the research is the processes of managing uncertainties such as risks, conflicts, and factors of behavioral economics, which may have negative consequences for a scientific project. The study revealed that the success of any project depends on the ability of the project manager to effectively manage his team to meet the values of each stakeholder and the goals of the project itself. To solve this goal, it is necessary to complete the following tasks: - analysis of methods of integration of risk management, conflicts, and factors of behavioral economics; - justification of the necessity to build integrated anti-risk management of conflicts in behavioral economics; - to carry out conceptual modeling of integrated anti-risk conflict management in behavioral economics. A conceptual model of integrated anti-risk management of conflicts of a scientific project in the context of behavioral economics is proposed, built on the basis of the "Change Management Iceberg" model. The management of scientific projects has been further developed through the integration of methodologies: project management, the theory of stakeholders, risk management, HR management, conflict management, and behavioral economics. A conceptual scheme of integrated anti-risk management of conflicts of a scientific project in behavioral economics has been developed, which allows a project manager to manage uncertainties (risks, conflicts, factors of behavioral economics). Research refers to the project management methodology and improves it by integrating the processes of risk, conflict, and behavioral economics management into one process. The main goal of the study is to reduce and eliminate all negative consequences in a scientific project, to complete it within the approved budget, terms, and a certain quality.

Implications of Economic Decision Making to the Project Manager

2021 ◽  
Vol 4 (1) ◽  
pp. 19-32
Author(s):  
Brian J. Galli
Keyword(s):  
Decision Making ◽  
Literature Review ◽  
Project Manager ◽  
Financial Return ◽  
Economic Decision ◽  
Economic Decisions ◽  
Project Outcome ◽  
Economic Decision Making ◽  
Internal Stakeholders ◽  
The Impact

This paper aims to identify and assess the impact of the project manager's economic decision on a project's outcome. Therefore, this paper focuses on whether a project will be economically and financially viable and will meet the interests of both external and internal stakeholders, especially the project manager's attention. Thus, the objective is to find in the decision-making process how economic decisions can provide and ensure an appropriate level of financial return rate to external and internal stakeholders, such as the project manager. The literature review approach was used to identify this economic decision-making implications on the project's outcomes. Studies show how projects' future is associated with decision making. However, a literature review has shown a shortage of research on the impact of only economic decisions on the project manager and project outcome. This study aims to fill that gap.

The Impact of the Project Manager on Project Management Planning Processes

2002 ◽  
Vol 33 (3) ◽  
pp. 58-64 ◽  
Author(s):  
Shlomo Globerson ◽  
Ofer Zwikael
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Poor Quality ◽  
Project Planning ◽  
Project Managers ◽  
Project Manager ◽  
Risk Management Process ◽  
Planning Processes ◽  
Tools And Techniques ◽  
The Impact

If a project is to be successfully completed, both planning and execution must be properly implemented. Poor planning will not allow appropriate execution and control processes or achievement of the project's targets. The objective of the study reported in this paper is to evaluate the impact of the project manager on the quality of project planning processes within the nine knowledge areas defined by A Guide to the Project Management Body of Knowledge (PMBOK® Guide) and to determine ways of increasing the effectiveness of the manager's intervention. Participants in the study evaluated their use of the 21 processes that relate to planning, out of the 39 processes required for proper project management. The results of the study reveal risk management and communications as the processes with the lowest planning quality. Poor quality in these areas results when project managers lack the formal tools and techniques for dealing with communications and the functional managers are not equipped with the tools and techniques that will allow them to effectively contribute to the risk management process. Improving quality planning processes requires the development of new tools in areas such as communications, as well as organizational training programs designed for the functional managers.

scholarly journals THEORETICAL BASICS AND PRACTICAL ASPECTS OF BEHAVIORAL ECONOMICS

2019 ◽  
Vol 4 (8) ◽  
pp. 68-73
Author(s):  
Marine Natsvaladze
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Human Behavior ◽  
Academic Discipline ◽  
Human Mind ◽  
Economic Research ◽  
Optimal Decision ◽  
Interdisciplinary Approaches ◽  
Value Propositions ◽  
Classical Economic

Traditional Economics looks at the persons as at some kind of rational machine which takes into consideration all available information and then makes optimal decision. Re- ality is rather different. The behavioral economics claims that there is no rational «economic human” and probably will nev- er exist. Person’s behavior is irrational and this irrationality is not random and clueless. Vice-versa - this irrationality is systemic and predictable. Behavioral economics explores what affects people›s economic decisions and the consequences of those decisions for market prices, returns, and resource allocation. Tradition- al economic research assumes that people›s economic deci- sions are based on the rule of maximizing utility. Behavioral economics uses experiments that observe human behavior in order to uncover how we think. Behavior- al economics has been called the science of decision-making. It is a growing academic discipline which uses experiments that observe human behavior in order to uncover how we think. Behavioral economics is about understanding com- mon decision mistakes that people make and why they make them. In particular, a large aspect of behavioral economics is concerned with the gap between intention and action. Classical economic theory assumes that individuals are rational. However, in the real world, we often see irrational behavior – decisions which don›t maximize utility but can cause a loss of economic welfare. It means economists need to take into account the potential for irrationality. Successful marketers must have a profound understand- ing of the consumer’s thought process in order to create a suc- cessful marketing campaign. By understanding the consumer’s decision-making process, marketers are able to develop value propositions that really fit the consumer’s needs. The impor- tance of understanding behavioral economics for marketers is immeasurable as it allows for a better understanding of the human mind. Behavioral economics allows marketing profes- sionals to optimize marketing strategies and get real results. In the article are reviewed applied aspects of behavioral economics, also theoretical and practical results of researches. These results will be useful in company management, for pol- iticians, in private decision making as they give different per- spective to rational-functional models. In case of ignoring the interdisciplinary approaches, integration of economics and psy- chology can result in waste of resources and wrong decisions.

eTTCampus

2013 ◽  
pp. 383-401
Author(s):  
David E. Gray ◽  
Malcolm Ryan
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Critical Analysis ◽  
Virtual Campus ◽  
Team Members ◽  
Management Processes ◽  
Funded Project ◽  
Effective Use ◽  
The Impact ◽  
Training Opportunities

This chapter critically examines innovative approaches to the evaluation of a European funded project involving nine countries in the development of a virtual campus to provide training opportunities in ICT for teachers and trainers across Europe. It explores project management processes and decision-making and the impact on outcomes as well as relationships between project team members. It concludes with recommendations for the more effective use of a range of these approaches, asserting that a critical analysis of the processes of engagement is as important as the outcomes.

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