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Schedule and Cost Control Techniques - Organizations - Essay Example

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Schedule and Cost Control Techniques - Organizations

This process is simply inline with the rational decision making process and there are typical practical areas where the formal decision making of such process is required in terms of project management. These decision areas include estimation of costs, selection of various tools to be used, selection of the vendors who will be providing various equipment and services etc. However, decision making falls within two broader areas of decision making. These are progress decisions as well as adoption decisions. Progress decisions are basically taken in order to assess whether the project is meeting the assigned targets whereas adoption decisions are concerned about adding new goals to it.
As discussed above that there area various models available which decision analysts use. Decision analyst attempt to construct models of various decision situations. These models use mostly various mathematical tools such as graphics, equations and flow diagrams etc. The aim is always to provide various decision making parameters.
In its essence, decision analysis is a technique based on the set of statistical techniques however latest trends in the decision making process involve a broader view of the decision analysis while recognizing the contribution being made to the ...Show more

Summary

Organizations use various decision making models which serve different purpose for the organizations and are built on various basis such as institutive, rational as well as iterative models. Rational models however are mostly used by the organizations due to the fact that they tend to take into account the cognitive judgment of the advantages as well as dis-advantages of the various options available for decision making purposes…
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Schedule and Cost Control Techniques - Organizations essay example
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