Decision Analysis in Project Management Process

Very often we complain about the decisions that were previously made. Yet the fact is that the decisions made were based on the knowledge we had before. By now we have gained more knowledge. Therefore the common problem of making decisions is that decisions are not made reliable enough because parameters in risk assessment and supply chain management are underestimated or not robust enough. In this paper we propose a framework that will try to predict future situations collectively and increase the reliability of decision making. Project management is the art of making right decision. Project managers are faced by huge array of choices. Decision analysis is used in strategic planning, operational management, and other areas of business. Decision analysis helps companies to determine optimal exploration and production strategies with uncertainties in cost, prices, and exploration prospects. This paper describes project management steps and the way they can be supported by Intelligent Decision Support system (IDSS). The main parameters assessed are total cost of the projects, time of the project total fulfilment, number of subcontractors, location factors, and etc. IDSS will enable to collect data, propose possible alternative decisions, and provide risk assessment.