Decision Making in Project Management

Decision Making in Project Management

Project Management

The pharmaceutical company president in this case must make certain business decisions. When deciding to invest in different projects, Jennifer Childs must not take into consideration her personal preferences, previous management strategies, or relationships with the company's managers. Childs should focus on the objectives that these projects are expected to reach. These objectives refer to increasing efficiency, increasing sales, and reducing costs. Therefore, Childs should thoroughly analyze the projects proposed by the managers.

This analysis should be performed by specialists in the field. These specialists should identify the financial efforts required by each project and other resources that are required in these cases. These projects should be compared with similar projects developed by other companies. This would allow the easier identification of projects' results and risks. The specialists involved in the project analysis must also identify the potential objectives that could be reached by each project. Based on their recommendations, Childs should decide on the project that provides the most important benefits, or on allocating different levels of resources to several projects if they prove to determine important results that can lead to increased efficiency and productivity of the company.

2. The project proposals are very important in the decision making process. There are several requirements that Childs should make to the company's managers. Therefore, they should be required to develop project risk management plans. This is because each project is characterized by certain levels of risks that must be identified in order to establish the resources they require. In addition to this, the correct assessment of project risks by these managers reveals their skills and abilities in successfully developing them (Turbit, 2011).

The company's president should also require strict budget plans for these projects. In the case of Julie's project, Childs should demand additional explanations regarding the resources involved in the project and its effects. Although the objectives of the project developed by Julie and its expectations are quite high, it seems that there are certain problems with the project that do not allow the company to reach these objectives. The managers should also develop plans that refer to the human resources that must be included in their projects. This is because these projects usually require that certain experts are hired and involved in the project team. The effects of the projects must be carefully evaluated and presented to Childs.

3. These projects are likely to provide important effects for the company, but they also require important resources. Therefore, it is recommended that Childs takes these projects into consideration by allocating different levels of financial resources to their managers. However, the most important sum should be allocated to Tyler's project. This is because increasing the efficiency of the company's production flow is able to provide important effects on medium term and on long-term. This could help the company significantly improve its position on the market.