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.

Economic Decision-Making in Private Corporations Versus Public Sector

2020 ◽  
Vol 11 (1) ◽  
pp. 73-98
Author(s):  
Brian J. Galli
Keyword(s):  
Decision Making ◽  
Public Sector ◽  
Literature Review ◽  
Private Firms ◽  
Public And Private ◽  
Economic Decision ◽  
The Public ◽  
Economic Decisions ◽  
Economic Decision Making ◽  
Decision Making Processes

This research takes a comparative analysis approach to study the process of economic decision-making within the private sector and the public sector. There are four main research objectives that guided this article. First, it aims to identify the different kinds of decision-making methods. Second, this article analyzes the economic decision-making processes that stakeholders have to make in public and private firms. Third, this r seeks to illustrate that establish effective decision-making and financial performance relate. Lastly, the article will offer effective economic decision-making procedures in private and public organizations, so as to make recommendations and to guide these businesses. To do so, there is a literature review in this research to find the best economic decision-making processes. Data collection tools were created in reference to the literature review that directed the structuring of the variables, and the study based the quantitative analysis on the adopted descriptive methodology. The sample was comprised of 100 respondents from China, and since 95% responded, that was a total of 95 responses. Based on the formulated study hypothesis and the research objectives, the collected data was examined for descriptive and inferential statistical analysis. In general, the findings showed that cost-benefit analysis was the favored economic evaluation method, and the respondents specified that they their internal and external economic decisions directly influence the company's operations. When focusing on how organizational performance is affected by effective economic decisions, the findings established that there was a key component for a better economic analysis outcome in the public and private firms: accounting information. Additionally, evaluating the number of processes in public and private firms led to findings that revealed the following: every decision in the public sector requires many approvals. These approvals greatly hinder economic decisions and decision-making. Social, cultural, and environmental aspects influence the decision process significantly, so they must be addressed immediately.

Economic Decision-Making and the Impact of Risk Management

2019 ◽  
Vol 10 (3) ◽  
pp. 1-13
Author(s):  
Brian J. Galli ◽  
Gabrielle Battiloro
Keyword(s):  
Decision Making ◽  
Risk Management ◽  
Literature Review ◽  
Research Study ◽  
Critical Element ◽  
Review Of The Literature ◽  
Economic Decision ◽  
It Impacts ◽  
Economic Decision Making ◽  
The Impact

The purpose of this article is to adequately identify and assess economic risk in decision-making within project environments. A systematic literature review approach is used to recognize the key relationships between risk and economic decision-making. The study shows that the most critical element associated with economic decision-making is the risk. The article highlights the implications of this relationship and how it impacts a project-based environment. Review of the literature has shown limited research in this area. This study seeks to fill a gap within the existing research. The results of this research study contribute to economic decision-making and risk management.

scholarly journals The Impact of Emotions on Our Rational Economic Decisions

2021 ◽  
Vol 11 (2) ◽  
pp. 19-46
Author(s):  
İbrahim Cevizli ◽  
Mahmut Bilen
Keyword(s):  
Decision Making ◽  
Complex Structure ◽  
Decision Making Process ◽  
Unique Contribution ◽  
Human Beings ◽  
Economic Decision ◽  
Economic Theories ◽  
Economic Decisions ◽  
Economic Decision Making ◽  
The Impact

There are many factors that affect the attitudes and behaviors of human beings, which have a very complex structure. However, mainstream economic theories have ignored other characteristics, including the role of emotions, by assuming that human beings are “rational” in the economic decision-making process. Although this assumption is actually controversial, it still maintains its strong established position in economic theories. In the study, the history of economic rationality and the objections developed against the rational individual were examined, and whether emotions affect the economic decision-making process was analyzed with a hypothetical experimental study, first based on observation, and then subjected to the Mann Whitney U test. According to the findings, it was determined that people are also affected by their feelings that they do not act solely on the assumption of rationality in the economic decision-making process. This finding is presented both as a unique contribution to the economics literature and as an option to be evaluated for economic policy makers.

Practitioner's View on the Future of Economic Decision-Making in Project Management

2019 ◽  
Vol 6 (2) ◽  
pp. 33-55
Author(s):  
Brian J. Galli
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Future Trend ◽  
Team Size ◽  
Economic Decision ◽  
Economic Decisions ◽  
Economic Decision Making ◽  
The Future ◽  
Financial Decision ◽  
The Cost

As of now, the best means to plan for the future is project management because it has been proven effective in problem-solving and generating solutions. Few projects entail economic decision-making because of the cost factor, but the wrong decisions can be made because of the complications that come with making economic decisions. However, financial decision-making does not only entail gathering information and making decisions accordingly. The economy must be analyzed and the future economy must be estimated for any economic decisions to be viable. This study highlights the future trend, as well as the significance of economic decision-making within project management. Furthermore, it tests several factors: economic decision-making influence, creativity, risk profile, and the management team size for a successful project. Primarily, this study will assess how significant economic decision-making is in project management.

scholarly journals How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness

2017 ◽  
Vol 07 (03) ◽  
pp. 1750008 ◽  
Author(s):  
Annamaria Lusardi ◽  
Olivia S. Mitchell
Keyword(s):  
Decision Making ◽  
Financial Literacy ◽  
Retirement Planning ◽  
Financial Knowledge ◽  
Objective Measures ◽  
Causal Relationships ◽  
Economic Decision ◽  
American Life ◽  
Economic Decisions ◽  
Economic Decision Making

This paper explores who is financially literate, whether people accurately perceive their own economic decision-making skills, and where these skills come from. Self-assessed and objective measures of financial literacy can be linked to consumers’ efforts to plan for retirement in the American Life Panel, and causal relationships with retirement planning examined by exploiting information about respondent financial knowledge acquired in school. Results show that those with more advanced financial knowledge are those more likely to be retirement-ready.

scholarly journals Activists as “alternative” science communicators — Exploring the facets of science communication in societal contexts

2020 ◽  
Vol 19 (06) ◽  
pp. C01
Author(s):  
Birte Faehnrich ◽  
Michelle Riedlinger ◽  
Emma Weitkamp
Keyword(s):  
Decision Making ◽  
Social Movements ◽  
Science Communication ◽  
Democratic Legitimacy ◽  
Economic Decision ◽  
Economic Decision Making ◽  
Starting Point ◽  
Critical Attention ◽  
Understanding Of Science ◽  
The Impact

For many decades, NGOs and social movements have acted as “alternative” science communicators. They have made strategic use of science to promote their ideological stances, to influence political and/or economic decision-making and to motivate civic action. To date, however, our understanding of science communication in activism has received little critical attention. This set of commentaries acts as a starting point for further research and reflection. The different cases and perspectives urge readers to consider the impact, democratic legitimacy, and relevance of alternative science communication, and the challenges that alternative science communicators pose for science communication and society.

Economic-Decision-Making in New Product Development

2020 ◽  
Vol 7 (1) ◽  
pp. 1-27
Author(s):  
Brian J. Galli
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Product Development ◽  
New Product Development ◽  
New Product ◽  
Engineering Management ◽  
Economic Decision ◽  
Engineering Managers ◽  
Economic Decisions ◽  
Economic Decision Making

Economic decisions for a new product can impact any subsequent development, as well as the launching of the product. Furthermore, unsuccessful decision-making can result in missing business opportunities or spending more money on rework. This article investigates economic decision-making in the product development process. It also enhances the understanding of the process, the difficulties involved, and how to improve decisions during new product development. Thus, this study can serve as a reference when support methods for economic decisions are being initiated. Industrial engineers and engineering managers use economic decision-making for new product development. The results of this study indicate that economic decisions are vital to new product development, as they also bring radical changes in the fields of IE/EM/PM. The engineering management practitioner will understand the importance of these topics, their relevance to engineering management, and how engineering managers can integrate these ideas into their operations and project management lifecycle and project management settings. Economic decision-making models in IE/EM/PM should replace traditional non-scientific methods because they are inaccurate and speculative at best. Overall, by using the economic models, the engineering manager is prioritizing on the long-term prospect that the decision will have.

scholarly journals Aspectos lógicos de la intuición: Aproximación análisis de decisión económica en contexto de globalización

2018 ◽  
pp. 133-144
Keyword(s):  
Decision Making ◽  
Vice President ◽  
Decision Making Process ◽  
Central Theme ◽  
Economic Decision ◽  
Economic Decisions ◽  
Economic Decision Making ◽  
Palabras Clave ◽  
Toma De Decisiones ◽  
First Moment

Resumen: El objetivo de este artículo es mostrar la utilidad que puede representar el análisis de una decisión en el que se tengan en cuenta los aspectos lógicos de la intuición. Para ello, en un primer momento, definimos qué entendemos por decisióny por intuición,y qué identificamos como sus aspectos lógicos.Luego, presentamos un caso de toma de decisiones de un vicepresidente de una empresa de inversión en bolsa de valores, ubicando algunos aspectos importantes en relación con la globalización, tema central de estas jornadas. A continuación, resaltamos los elementos lógico-intuitivos que aparecen en el proceso decisorio del caso analizado. Finalmente, argumentamos qué papel cumple la intuición en este caso de toma de decisiones económicas en un contexto de globalización y qué implicaciones tiene esta propuesta de análisis sobre las decisiones existenciales que, en última instancia, puede terminar siendo cada una de las decisiones que tomamos. Palabras clave: Lógica, intuición, toma de decisiones, decisiones económicas, decisiones existenciales.Logical aspects of intuition: Approximation to the analysis of an economic decision in a context of globalization Abstract.-The objective of this article is to show the usefulness of the analysis of a decision that takes into account the logical aspects of intuition. To do that, at a first moment, we define what we understand by decision and intuition, and what we identify as its logical aspects. Then, we present a case of decision making of a vice president of an investment company in stock market, placing some important aspects in relation to globalization, the central theme of these days. Next, we highlight the logical-intuitive elements that appear in the decision-making process of the analyzed case. Finally, we argue what role intuition plays in this case of economic decision making in a context of globalization and what implications this proposal of analysis has on the existential decisions that, in the end, can end up being each of the decisions we make. Keywords:Logic, intuition, decision making, economic decisions, existential decisions.

scholarly journals The influence of promotional activities on the economic decision making

2016 ◽  
Vol 13 (3) ◽  
pp. 4613
Author(s):  
Aslı Öztopcu ◽  
Nuran Karaağaoğlu
Keyword(s):  
Decision Making ◽  
Economic Thought ◽  
Marketing Strategies ◽  
Cognitive Factors ◽  
Rational Behavior ◽  
Social Emotional ◽  
Economic Decision ◽  
Economic Decisions ◽  
Economic Decision Making ◽  
Decision Making Behavior

Behavioral economics is one of the sub-disciplines discussed through the process of economic thought. It studies the economic decisions of the individuals under the influence of social, emotional and cognitive factors. According to the rational behavior theory in economics, it is discussed that, the individuals may show irrational behaviors in spite of the expectation of rational behaviors. Economics is a human focused social science. The studies held, illustrate that the human behaviors have to be evaluated with the psychological factors. The purpose of this study is to investigate the influence of sales efforts of the drug firms on the economic decision making. The data gathered by the questionnaire show that the marketing strategies influence the decision making behavior of individuals. 

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