Schedule and Cost Control Techniques - Essay Example

Organizations use various decision making models which serve different purpose for the organizations and are built on various basis such as institutive, rational as well as iterative models. Rational models however are mostly used by the organizations due to the fact that they tend to take into account the cognitive judgment of the advantages as well as dis-advantages of the various options available for decision making purposes. (http://www.decision-making-confidence.com, 2008). It is very important to mention here the fact that besides having different models of decision making, there are also different approaches to problem solving as well as decision making.

A typical problem solving process may look like this:A) Identification of the problemB) Generate and evaluate the possible solutions.C) When solutions are evaluated and identified, choose one typical course of action to follow.D) Implementation of the decision taken.E) Final evaluation of the results achieved as a result of the decision taken.This process is simply inline with the rational decision making process and there are typical practical areas where the formal decision making of such process is required in terms of project management.

These decision areas include estimation of costs, selection of various tools to be used, selection of the vendors who will be providing various equipment and services etc. However, decision making falls within two broader areas of decision making. These are progress decisions as well as adoption decisions. Progress decisions are basically taken in order to assess whether the project is meeting the assigned targets whereas adoption decisions are concerned about adding new goals to it.As discussed above that there area various models available which decision analysts use.

Decision analyst attempt to construct models of various decision situations. These models use mostly various mathematical tools such as graphics, equations and flow diagrams etc. The aim is always to provide various decision making parameters.In its essence, decision analysis is a technique based on the set of statistical techniques however latest trends in the decision making process involve a broader view of the decision analysis while recognizing the contribution being made to the different phases of decision making process.

The use of software is also another option which is being used for decision making purpose. These softwares include spreadsheets, statistics packages and different financial modeling packages. Specialized softwares are also available for the use. These softwares include decision pro, Precision Tree as well as Crystal Ball etc.These software help a lot in order to better formalize the decision making process within the organization and help to make it more on rational decision making models. It is also very important to note that within organizational contexts, the use depends upon the complexities of the decisions taken.

As a professional engineer, I use rational model of decision making as my training has been in this area whereas I use Microsoft Solutions Framework as a software to help me achieve a better decision making process as it helps to provide better technical solutions to the engineers.Bibliographyhttp://www.decision-making-confidence.com. (2008). Rational decision making models. Retrieved August 04, 2008, from http://www.decision-making-confidence.com: http://www.decision-making-confidence.com/rational-decision-making-models.html