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Project Decisions by Michael Trumper, Lev Virine

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CHAPTER 3

Understanding the Decision Analysis Process

The Americans will always do the right thing … after they’ve exhausted all alternatives.

—WINSTON CHURCHILL

We want to make rational choices, we would like a transparent decision-making process, and we want a mechanism for correcting mistakes. These goals can be accomplished through the decision analysis process: decision framing, modeling, quantitative analysis and implementation, and monitoring and reviewing of decisions. Decision analysis is simple and adaptable to different types of project decisions.

DECISION ANALYSIS

An example of applying decision analysis to a complex project can be ...

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