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Project management is the process of supervising the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation,created at the beginning of the development process. The primary constraints are scope,time and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet predefined objectives.
In economics and business decision-making,a sunk cost is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with prospective costs,which are future costs that may be avoided if action is taken. In other words,a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future. Even though economists argue that sunk costs are no longer relevant to future rational decision-making,people in everyday life often take previous expenditures in situations,such as repairing a car or house,into their future decisions regarding those properties.
Daniel Kahneman was an Israeli-American psychologist best known for his work on the psychology of judgment and decision-making as well as behavioral economics,for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences together with Vernon L. Smith. Kahneman's published empirical findings challenge the assumption of human rationality prevailing in modern economic theory. Kahneman became known as the "grandfather of behavioral economics."
Decision theory or the theory of rational choice is a branch of probability,economics,and analytic philosophy that uses the tools of expected utility and probability to model how individuals should behave rationally under uncertainty. It differs from the cognitive and behavioral sciences in that it is prescriptive and concerned with identifying optimal decisions for a rational agent,rather than describing how people really do make decisions. Despite this,the field is important to the study of real human behavior by social scientists,as it lays the foundations for the rational agent models used to mathematically model and analyze individuals in fields such as sociology,economics,criminology,cognitive science,and political science.
Managerial economics is a branch of economics involving the application of economic methods in the organizational decision-making process. Economics is the study of the production,distribution,and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources. It guides managers in making decisions relating to the company's customers,competitors,suppliers,and internal operations.
Thomas Dashiff Gilovich is an American psychologist who is the Irene Blecker Rosenfeld Professor of Psychology at Cornell University. He has conducted research in social psychology,decision making,and behavioral economics,and has written popular books on these subjects. Gilovich has collaborated with Daniel Kahneman,Richard Nisbett,Lee Ross and Amos Tversky. His articles in peer-reviewed journals on subjects such as cognitive biases have been widely cited. In addition,Gilovich has been quoted in the media on subjects ranging from the effect of purchases on happiness to people's most common regrets,to perceptions of people and social groups. Gilovich is a fellow of the Committee for Skeptical Inquiry.
The planning fallacy is a phenomenon in which predictions about how much time will be needed to complete a future task display an optimism bias and underestimate the time needed. This phenomenon sometimes occurs regardless of the individual's knowledge that past tasks of a similar nature have taken longer to complete than generally planned. The bias affects predictions only about one's own tasks. On the other hand,when outside observers predict task completion times,they tend to exhibit a pessimistic bias,overestimating the time needed. The planning fallacy involves estimates of task completion times more optimistic than those encountered in similar projects in the past.
Gerd Gigerenzer is a German psychologist who has studied the use of bounded rationality and heuristics in decision making. Gigerenzer is director emeritus of the Center for Adaptive Behavior and Cognition (ABC) at the Max Planck Institute for Human Development,Berlin,director of the Harding Center for Risk Literacy,University of Potsdam,and vice president of the European Research Council (ERC).
A megaproject is an extremely large-scale construction and investment project. A more general definition is "Megaprojects are temporary endeavours characterised by:large investment commitment,vast complexity,and long-lasting impact on the economy,the environment,and society".
A cost overrun,also known as a cost increase or budget overrun,involves unexpected incurred costs. When these costs are in excess of budgeted amounts due to a value engineering underestimation of the actual cost during budgeting,they are known by these terms.
Reference class forecasting or comparison class forecasting is a method of predicting the future by looking at similar past situations and their outcomes. The theories behind reference class forecasting were developed by Daniel Kahneman and Amos Tversky. The theoretical work helped Kahneman win the Nobel Prize in Economics.
Fred Glover is Chief Scientific Officer of Entanglement,Inc.,USA,in charge of algorithmic design and strategic planning for applications of combinatorial optimization in quantum computing. He also holds the title of Distinguished University Professor,Emeritus,at the University of Colorado,Boulder,associated with the College of Engineering and Applied Science and the Leeds School of Business. He is known for his innovations in the area of metaheuristics including the computer-based optimization methodology of Tabu search an adaptive memory programming algorithm for mathematical optimization,and the associated evolutionary Scatter Search and Path Relinking algorithms.
Heuristics is the process by which humans use mental shortcuts to arrive at decisions. Heuristics are simple strategies that humans,animals,organizations,and even machines use to quickly form judgments,make decisions,and find solutions to complex problems. Often this involves focusing on the most relevant aspects of a problem or situation to formulate a solution. While heuristic processes are used to find the answers and solutions that are most likely to work or be correct,they are not always right or the most accurate. Judgments and decisions based on heuristics are simply good enough to satisfy a pressing need in situations of uncertainty,where information is incomplete. In that sense they can differ from answers given by logic and probability.
Benefits realization management (BRM),also benefits management,benefits realisation or project benefits management,is a project management methodology,often visual,addressing how time and resources are invested into making desirable changes. BRM is used to manage the investment by organizations in procurement,projects,programmes and portfolios,and has been shown to increase project success across different countries and industries.
Megaprojects and Risk:An Anatomy of Ambition is a 2003 book by Bent Flyvbjerg,Nils Bruzelius,and Werner Rothengatter,published by Cambridge University Press.
The hiding hand principle is a theory that offers a framework to examine how ignorance intersects with rational choice to undertake a project;the intersection is seen to provoke creative success over the obstacles through the deduction that it is too late to abandon the project. The term was coined by economist Albert O. Hirschman.
Roland Gareis is an Austrian economist,former Professor of Project Management at the Vienna University of Economics and Business,and consultant. He is known for his work on the theory and practice of project management,and is considered co-founder of the "Management by projects" approach.
Jonas Söderlund is a Swedish organizational theorist and Professor in the Department of Leadership and Organizational Behavior at the BI Norwegian Business School,and author. He is known for his work in the fields of human resource management,project management.
Rajat K Baisya is an Indian management professor,author,and researcher. He was formerly Professor &Dean of Dept of Management Education,IIT Delhi. He was awarded Canada Gairdner International Award for the year 1974. He was also awarded Dr J.S.Pruthi Award for the year 2001 for significant contribution to the food industry.
Ofer Zwikael is an Australian management scientist,academic,and author. He is a professor in the Australian National University's Research School of Management.
References
- 1 2 3 4 "LAVAGNON IKA - TELFER".
- 1 2 "Meet IPMA Research Award Winner 2017- Prof. Lavagnon Ika!".
- 1 2 "IPMA Global Research Awards Winners 2022".
- 1 2 "Managing fuzzy projects in 3D : a proven, multi-faceted blueprint for overseeing complex projects".
- ↑ "PMI Awards".
- ↑ "Results and Performance of the World Bank Group 2023".
- ↑ Kreiner, Kristian (2020). "Conflicting Notions of a Project: The Battle Between Albert O. Hirschman and Bent Flyvbjerg". Project Management Journal. 51 (4): 400–410. doi:10.1177/8756972820930535.
- ↑ "The Gift of Doubt - The New Yorker". The New Yorker .
- ↑ "Beneficial or Detrimental Ignorance: The Straw Man Fallacy of Flyvbjerg's Test of Hirschman's Hiding Hand".
- ↑ Love, Peter E. D.; Ika, Lavagnon A.; Sing, Michael C. P. (2022). "Does the Planning Fallacy Prevail in Social Infrastructure Projects? Empirical Evidence and Competing Explanations". IEEE Transactions on Engineering Management. 69 (6): 2588–2602. doi:10.1109/TEM.2019.2944161.
- ↑ Love, Peter E.D.; Ika, Lavagnon A. (2021). "The 'context' of transport project cost performance: Insights from contract award to final construction costs". Research in Transportation Economics. 90. doi:10.1016/j.retrec.2021.101062.
- ↑ Ika, Lavagnon A.; Pinto, Jeffrey K. (2022). "The "re-meaning" of project success: Updating and recalibrating for a modern project management". International Journal of Project Management. 40 (7): 835–848. doi:10.1016/j.ijproman.2022.08.001.
- ↑ "Risk savvy : how to make good decisions".
- ↑ Ika, Lavagnon; Love, Peter; Pinto, Jeffrey K. (2024). "Before You Start Managing that Major Project, What You Should Know about Cost Overruns and Benefit Shortfalls1". Before You Start Managing that Major Project, What You Should Know about Cost Overruns and Benefit Shortfalls 1. pp. 24–33. doi:10.1201/9781003502654-4. ISBN 978-1-003-50265-4.
- ↑ "IPMA Global Research Awards Winners 2022".
- ↑ Ika, Lavagnon A. (2012). "Project Management for Development in Africa: Why Projects are Failing and What Can be Done about It". Project Management Journal. 43 (4): 27–41. doi:10.1002/pmj.21281.
- ↑ Ika, Lavagnon A. (2012). "Project Management for Development in Africa: Why Projects are Failing and What Can be Done about It". Project Management Journal. 43 (4): 27–41. doi:10.1002/pmj.21281.
- ↑ Ika, Lavagnon A.; Donnelly, Jennifer (2017). "Success conditions for international development capacity building projects". International Journal of Project Management. 35: 44–63. doi:10.1016/j.ijproman.2016.10.005.
- ↑ Kacou, Kablan P.; Ika, Lavagnon A.; Munro, Lauchlan T. (2022). "Fifty years of capacity building: Taking stock and moving research forward". Public Administration and Development. 42 (4): 215–232. doi:10.1002/pad.1993.
- 1 2 Ika, Lavagnon; Feeny, Simon (2022). "Optimism Bias and World Bank Project Performance". The Journal of Development Studies. 58 (12): 2604–2623. doi:10.1080/00220388.2022.2102901.
- ↑ Bandé, Alassane; Ika, Lavagnon A.; Ouédraogo, Salmata (2024). "Beneficiary participation is an imperative, not an option, but does it really work in international development projects?". International Journal of Project Management. 42. doi:10.1016/j.ijproman.2024.102561.
- ↑ Ika, Lavagnon A.; Munro, Lauchlan T. (2022). "Tackling grand challenges with projects: Five insights and a research agenda for project management theory and practice". International Journal of Project Management. 40 (6): 601–607. doi:10.1016/j.ijproman.2022.05.008.
- ↑ "Appointment as Extraordinary Prof, Prof Lavagnon Ika".
- ↑ "Lavagnon Ika wins an outstanding paper award".
- ↑ "Telfer Established Researcher Award 2021 – Lavagnon Ika".