This chapter provides Project Management practitioners with some basic methods for decision making by using a sample case-study. First, decision analysis and decision trees are presented as practical methods to evaluate options with regard to situations where the outcome can be known. To this end, basics of decision and utility theory are highlighted, as well as the notion of risk premium. Then, if the result of the decision is highly uncertain, Monte Carlo simulations are introduced as a help in the task of making the choice.
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