Economic Decision Making and Risk Management in a Project Management Environment: A Reflection of Practice

In today's uncertain business environment, companies must evaluate risk for projects before making business decisions. For example, one can use the SMART method. Also, Gantt charts help the project manager to schedule and plan, which helps in decision-making for the project. Technology has created software for discovering the probability of the risk with algorithms and many mathematical methods. However, pre-existing literature does not show how these variables, their concepts, and models help in project management, which has resulted in a research gap. Thus, this study addresses the most current variables, their concepts, and models within operations and project management. With a design-science-investigate strategy, the authors approve a valuable growth reveal for reasonable and hypothetical application. Thus, they create a suitable assessment model to fill the research void, as well as to contribute to the engineering field by improving the project success rates and helping with team communication.