Analysis on the Usage of Decision-Making Methods in Project Management

Abstract

Purpose. The scientific paper is aimed: 1) to analyze the existing decision-making methods; 2) to characterize each type of the methods that have practical application in the project management theory; 3) to divide the presented methods into the sense groups; 4) to determine which of these groups should be used for decision-making in project management in three cases: a) when the object is a project; b) when the object is a program; c) when the object is a project portfolio. Methodology. It was carried out a comparative analysis of the existing decision-making methods, as well as it was studied the possibility of their use for different controlled objects of project manager. Findings. As a result of the analysis all of the methods have been divided into two categories: formal and logical-intuitive (informal) ones. It was determined which methods are equally appropriate to apply for all controlled objects of project manager, and which methods will not be effective for a particular object. The analysis showed that some of the decision-making methods are not suitable for use in the management of the certain object. It is concluded that they should be improved and adapted to the specific object of management. Originality. Solution of the problem of decision-making in project management was further developed, as well as it was analyzed the application of different decision-making methods for three controlled objects: project, program and portfolio. Practical value. Decision-making in project management has a direct influence on the result, which is expected to receive. The quality of decisions, in turn, depends on the correct method chosen in the given circumstances. The recommended improvement of certain methods will allow the project manager to make better and more efficient solution.

Efficiency of Decision-Making Methods in Project Management

“…In the course of project management, a great variety of decisions are made. They can be divided into two groups (Tryfonov, Korkhyna, 2017). The former group includes the decisions associated with current issues and unrelated to the project implementation.…”

“…It is essential to determine which of them are reasonable to be applied to making decisions in project management. We distinguish formal and informal (logical-intuitive) methods (Tryfonov, Korkhyna, 2017).…”