Robust decision making

Managing and planing projects or portfolios includes making big decision often based either on a very limited knowledge base, or an uncertain future - or both. Dealing with a great set of unknowns and uncertainties requires a skill set to make decisions making outcomes robust enough to cope unexpected futures and new disrupting knowledge. This is where Robust decision making proves its importance. Robust decision making (RDM) is a framework for decision making that take the uncertainty of different futures into consideration and helps the decision maker to reach his/her end goals by making decisions strong enough to fit a wider range of future scenarios. Rather then questioning the different future scenarios, the methodology of RDM focuses on what actions can be done at the present in order to improve future stands. Dealing with project, program and portfolio management, RDM is a vital methodology frome the beginning where information can be limited, all the way to the end stage of a project where gained knowledge have the potential to disrupt previous made discions.

Contents:

1. History

2. Applications

  Conditions of use
  Robust decision making Framework

3. Analytic tools

     XLRM Framework

4. Limitations of Robust decision making 5. References

  1. Vincent A. W. J. Marchau, Warren E. Walker, Pieter J. T. M. Bloemen, Steven W. Popper, "Desicion Making under Deep Uncertainty"
  2. Lempert, Robert J; Popper, Steven W; Bankes, Steven C., "Robust Decision Making: Coping with Uncertainty",