Print Сite this

Decision-Making in the Project Management Context

Decision-making is a complex and multifaceted process that involves considering many factors, especially when it comes to important financial matters. In such cases, one applies a thorough analysis and calculates all the factors. Based on the analysis results, a decision is put forward considering the profitability of the option. In the current case, two friends are arguing about where to go on vacation: Vietnam, Africa, France, and Spain. In this context, it would be useful to identify the essential points, such as price, expectations, and duration, according to project management methodology.

Our experts can deliver a customized essay
tailored to your instructions
for only $13.00 $11.05/page
308 qualified specialists online
Learn more

In the current issue, the most important factor that needs to be considered first is the price. More precisely, this indicator can be supplemented with quality: the price/quality ratio, which is part of the project management model. Certainly, a vacation in Spain or France seems to be more expensive than in Africa or Vietnam. It is explained by the popularity of these countries and by the tourist load. One needs to understand that estimates should be based on average units (Larson and Gray, 2014). Therefore, the average value is taken as the unit of account under normal conditions. Considering the popularity of France or Spain as tourist sites and the small tourist flow in Africa or Vietnam, one may conclude that the former will be more expensive. It is also worth considering the development of countries and currencies.

Further, one should take into account the second important point when deciding on the current dispute, namely, the objective of vacation. It is important to determine the ratio of expectation/quality, in other words, what goals one sets in the context of rest. Any decision-making is aimed at finding the most profitable and correct option (Smith, 2020). In this context, one has to identify what kind of vacation one intends to spend: comfortable, authentic, or wild. A comfortable vacation presupposes the presence of a luxurious hotel and all-inclusive; for an authentic holiday, more stringent conditions are chosen. Wild rest involves active rest, with elements of survival, using tents, and in some cases fishing or hunting. Thus, one should choose the type of vacation and then look for the most profitable option in terms of price.

Finally, one should also determine the duration, in the current case, friends want to rest for two weeks: for this, a comfortable rest seems to be suitable. Accordingly, a period of at most one week would be suitable for active rest, since it is a specific type of holiday, which requires energy. After determining the duration, one could apply the ratio method, namely calculating time/costs (Larson and Gray, 2014). In other words, it involves calculating the average daily expenses and multiplying them by the selected number of days. Thus, Mike or Josh can come to the best decision using calculations and project management methodology.

References

Larson, E. W., & Gray, C. F. (2014). Project management: The managerial process. (6th ed.). McGraw Hill Higher Education.

Smith, D. R. (2020). Structured decision-making: Case studies in natural resource management. JHU Press.

Cite this paper

Select style

Reference

StudyCorgi. (2022, November 15). Decision-Making in the Project Management Context. Retrieved from https://studycorgi.com/decision-making-in-the-project-management-context/

Reference

StudyCorgi. (2022, November 15). Decision-Making in the Project Management Context. https://studycorgi.com/decision-making-in-the-project-management-context/

Work Cited

"Decision-Making in the Project Management Context." StudyCorgi, 15 Nov. 2022, studycorgi.com/decision-making-in-the-project-management-context/.

* Hyperlink the URL after pasting it to your document

1. StudyCorgi. "Decision-Making in the Project Management Context." November 15, 2022. https://studycorgi.com/decision-making-in-the-project-management-context/.


Bibliography


StudyCorgi. "Decision-Making in the Project Management Context." November 15, 2022. https://studycorgi.com/decision-making-in-the-project-management-context/.

References

StudyCorgi. 2022. "Decision-Making in the Project Management Context." November 15, 2022. https://studycorgi.com/decision-making-in-the-project-management-context/.

References

StudyCorgi. (2022) 'Decision-Making in the Project Management Context'. 15 November.

This paper was written and submitted to our database by a student to assist your with your own studies. You are free to use it to write your own assignment, however you must reference it properly.

If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal.