Robust Decision Making: better decisions under uncertainty
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== Abstract == | == Abstract == | ||
| − | Robust Decision Making (RDM) is a critical aspect of project management that involves making well-informed, confident decisions in the face of uncertainty and ambiguity. This paper will provide a comprehensive review of the current state of the art in RDM in project management, explore the key principles and practices of RDM, including the importance of data gathering and analysis, considering different options, involving stakeholders, anticipating uncertainty, and continuously monitoring and adapting. The paper will also examine the challenges and limitations of RDM in project management, and provide insights into future directions for research in this area. This paper aims | + | Robust Decision Making (RDM) is a critical aspect of project management that involves making well-informed, confident decisions in the face of uncertainty and ambiguity. This paper will provide a comprehensive review of the current state of the art in RDM in project management, explore the key principles and practices of RDM, including the importance of data gathering and analysis, considering different options, involving stakeholders, anticipating uncertainty, and continuously monitoring and adapting. The paper will also examine the benefits, challenges and limitations of RDM in project management, and provide insights into future directions for research in this area. This paper aims at providing project managers with a deeper understanding of the principles and practices of RDM, give insights on how to correctly implement RDM in project management, and informing future research in this area. By doing so, this paper aims also at contributing to the development of more effective and efficient approaches to project management and decision making. <ref name="Lempert"/> |
| − | + | = Big Idea = | |
'''History''' | '''History''' | ||
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'''Literature review and State of the Art''' | '''Literature review and State of the Art''' | ||
| + | '''Key principles and practices of RDM''' | ||
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| − | = | + | = Application = |
| − | == | + | = Benefits & Limitations = |
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| + | = Further research = | ||
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| + | = References = | ||
| + | <references> | ||
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| + | <ref name="Lempert"> Lempert, R. J., & Collins, M. T. (2007). Managing the risk of uncertain threshold responses: Comparison of robust, optimum, and precautionary approaches. Risk Analysis, 27(4), 1009-1026. </ref> | ||
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| + | <ref name="Ramanathan"> Ramanathan, R., & Ganesh, L. S. (1994). Group preference aggregation methods employed in AHP: An evaluation and an intrinsic process for deriving members’ weightages. European Journal of Operational Research, 79(2), 249-265. </ref> | ||
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| + | <ref name="Whang"> Whang, J., & Han, S. (2009). Optimal R&D investment strategies under uncertainty for the development of new technologies. Journal of Business Research, 62(4), 441-447. </ref> | ||
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| + | <ref name="Xu"> Xu, Q., Zhang, L., & Zhang, X. (2013). The application of robust decision-making in the emergency evacuation of large-scale events. Safety Science, 57, 141-146. </ref> | ||
Revision as of 10:58, 12 February 2023
Contents |
Abstract
Robust Decision Making (RDM) is a critical aspect of project management that involves making well-informed, confident decisions in the face of uncertainty and ambiguity. This paper will provide a comprehensive review of the current state of the art in RDM in project management, explore the key principles and practices of RDM, including the importance of data gathering and analysis, considering different options, involving stakeholders, anticipating uncertainty, and continuously monitoring and adapting. The paper will also examine the benefits, challenges and limitations of RDM in project management, and provide insights into future directions for research in this area. This paper aims at providing project managers with a deeper understanding of the principles and practices of RDM, give insights on how to correctly implement RDM in project management, and informing future research in this area. By doing so, this paper aims also at contributing to the development of more effective and efficient approaches to project management and decision making. [1]
Big Idea
History
Literature review and State of the Art
Key principles and practices of RDM
Application
Benefits & Limitations
Further research
References
- ↑ Lempert, R. J., & Collins, M. T. (2007). Managing the risk of uncertain threshold responses: Comparison of robust, optimum, and precautionary approaches. Risk Analysis, 27(4), 1009-1026.
Cite error: <ref> tag with name "Ramanathan" defined in <references> is not used in prior text.
Cite error: <ref> tag with name "Whang" defined in <references> is not used in prior text.
Cite error: <ref> tag with name "Xu" defined in <references> is not used in prior text.
