Implications of Economic Decision Making to the Project Manager: An Investigative Report

Introduction

The project manager plays a vital role during projects. Decisions must be made daily, and as a project manager, there is seldom just one correct decision. This report will investigate the mechanisms of decision-making, as well as the project manager's beneficial attributes. Furthermore, this paper will disclose any models and methods that aid the project managers' economic decision-making and in which stages of a project economic decision-making should be applied.

Though global competition and profitability goals can lead to businesses engaging in fast economic decisions and investment, the desired results or benefits may not be achieved over time. Thus, there would be cost and schedule overruns in projects because of too many goals and the improper allotment of financial resources. By applying certain economic decisions, the project manager may be affected, which would affect the project. For a business to remain relevant in the market, economic investment participation is important.

Furthermore, literature may highlight aspects of decision-making and project management, but more can be discovered about the relationship between economic decision-making and the project manager. Thus, this paper will assess this lack of research to see how the work of the economic decisions and the project manager disconnect. Additionally, this study will assess how this correlates with decisions and the project future within a project management standpoint. With this study, some areas of Project Management Body of Knowledge (PMBOK) (i.e., decision-making, leadership, and economics) will be contributed to, as well.

Most literature focuses on the importance of these variables, their concepts, and models in project management and performance, which has led to insufficient information on why they are so valuable. This paper evaluates how the variables compare to each other, so that a framework of the current model's best attributes can be made. Evidence-based answers will be addressed to answer common inquiries from experts on these concepts. For example, experts question how to maximize on the variables to objectives in project management and performance. Lastly, any research findings can allow future researchers to further study this topic.

Engineering managers must practice decision-making, which will become more vital over the years. Thus, this study can help engineering management practitioners. Also, this study addresses how engineering managers must account for the future in operations, project management lifecycles, and within project management. This paper will also study how important decision-making is within engineering management. Any important implications are explained in relation to organizational levels, such as the corporate, managerial, and project team levels.

Essentially, this study uniquely compares the performance of project managers to various decision-making methods that yield economically and financially viable projects for a desired financial return. Though it is implied that the project manager's ongoing decisions are contingent on the economic decisions from the project's stakeholders, other knowledge areas also affect the economic-decision. This study's results can aid in uncovering just how vital the role of the project manager is during economic decision-making. Thus, financial strategies and tools for project managers can be identified to enhance project deliverables for profitability and efficiency.

With this research, literature will be expanded upon about the value of the variables, concepts, and models, and how they compare and contrast. Data from various studies have been used that feature the same hypotheses as this paper. Various research viewpoints are adapted in this study, which will suggest new solutions to current problems. Firstly, the study applies a strategy of design-science-investigate. Subsequently, the study maintains a valuable growth reveal in both reasonable and hypothetical situations. Lastly, this study features an assessment model of these variables, concepts, and models. The study also reviews and focuses on evaluation instruments to answer the examination question. The analysis summarizes the meetings, and the conclusion shows principal discoveries to organize future investigative limitations.

In this paper, ways for project managers to establish economic decisions with currently available financial techniques and tools are identified. Also, the literature review allows economic strategies to be thoroughly explained to establish which key factors influence decisions from project managers that affect a project's success. Revealing these critical factors can help with economic decision-making and with developing any project. Thus, managers will be better equipped to make more effective decisions to identify budget-related ventures.