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Decision Quality in Complex Project Decision Making

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Course Credit: 0.15 CEU, 1.5 PDH

What are the biases and conditions which can make project decisions difficult? How can elements of Decision Quality address them to improve both the decisions that are made and the efficiency with which they are made? Whether working conventional or unconventional projects, Greenfield or late life assets, practical Decision Quality can play an important role to help project teams improve the efficiency and quality of the decisions required to move their projects through the stage gates of execution.

Decision research and psychologists suggest that humans have two modes of thinking when it comes to decisions: System 1 thinking, which is automatic, instinctive and emotional and System 2 thinking, which is slow, logical and deliberate (Daniel Kahneman, winner of the Noble prize in economics, introduced these ideas and terms in his excellent book, Thinking Fast and Slow.) Knowing when and how to apply System 2 thinking with groups of people to move complex decisions forward is the topic for this presentation.

The frequent high risk, high cost of decisions in the oil industry demands efficient, informed decision making. Key to this is a clear strategy which is updated as new information is obtained to ensure quality decisions. Teams benefit from a structured approach to define their problem and some viable alternatives to consider, run those by their stakeholders, and then evaluate their options with the ability to consider inherent risks and uncertainties. This presentation will discuss decision biases and the elements of Decision Quality, and then introduce the workflow using a complex oil industry late life asset case example.

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 1 chapter

Course Chapters

  • 1Decision Quality in Complex Project Decision Making - Chapter 1
    Media Type: Video

Credits

Earn credits by completing this course0.15 CEU credit1.5 PDH credits

Speakers

Ellen Coopersmith