Implementing decision quality for project success

Ultimately, a company’s value is no more (and no less) than the sum of the decisions it makes and executes. Its assets, capabilities, and structure are useless unless executives and managers throughout the organisation make the essential decisions
and get those decisions right more often than not – i.e. “decision quality”. Business managers typically require a single deterministic number/value, expressed with a high degree of confidence, when making a business decision. As project
managers, we however know that the effect of uncertainty on business decisions (i.e. “risk”) is a range of outcomes and not an arbitrary single number. This leads to a mismatch between the subjective expectations of the decision-maker and the
objective realism provided by risk analysis.

The presentation will explore the value of stochastic, decision analysis and how this facilitates high confidence, objective decision making setting projects up for success.