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One technique that project managers are using to practice risk management- to look into the future and understand what may happen and determine if what may happen actually matters - is decision tree analysis (DTA). This article explains the process for using DTA, a technique that can help project ma...

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Bibliographic Details
Published inPM network Vol. 20; no. 5; p. 36
Main Authors Hulett, David T, Hillson, David
Format Magazine Article
LanguageEnglish
Published Drexel Hill Project Management Institute 01.05.2006
Subjects
Cost control
Data collection
Decision trees
Expected values
Guidelines
Probability
Project management
Risk aversion
Risk management
Subcontractors
Technological planning
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Summary:One technique that project managers are using to practice risk management- to look into the future and understand what may happen and determine if what may happen actually matters - is decision tree analysis (DTA). This article explains the process for using DTA, a technique that can help project managers make decisions where the implications are not entirely certain. In doing so, it defines the six steps for implementing DTA and applies DTA to a hypothetical case for selecting a subcontractor to implement - for the least cost possible - a critical project activity; it lists the results of using folding back calculations to determine the project's expected monetary value (EMV). It also uses DTA to solving a hypothetical-project problem, that of selecting new technology. [PUBLICATION ABSTRACT]
Bibliography:content type line 24
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SourceType-Magazines-1
ISSN:1040-8754
1930-4390