Project management is the art of making the right decisions. To be effective, a project manager must be conversant on the following questions:

• How do we make rational choices in project management?

• How can we improve our ability to make these choices?

• Which tools are available to help us during this process that will enable us to make better decisions?

In most cases, the answers to these questions are not trivial. In managing projects, we deal with multiple objectives, multiple risks and uncertainties, and multiple stakeholders. And the underlying framework of project management problems can be quite complex.

Fortunately, a set of practical methods and tools—called decision analysis—can help solve these problems. A unique aspect ...

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