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(RISK-1504) Critical Decision Making for Project Planners and Controllers

Primary Author: Mr. Frank Parth PMP

Audience Focus: Basic
Application Type: Research
Venue: 2014 AACE International Annual Meeting, New Orleans, LA, USA

Abstract: We make decisions that impact the success of the projects we work on daily, but never think about the process of making decisions itself unless the outcome is poor. As trained professionals we assume we make rational decisions, yet the research shows this is rarely true. Think you can’t be fooled by the data? Decisions can be radically different depending not only on which data we look at but how and when it’s presented to us and who is doing the presenting.

Increasingly the science of neurobiology is helping us learn how we really make decisions by showing which parts of the brain are involved early in the decision process and which parts late in the process. This paper will present research showing which parts of the brain are involved in making simple decisions and which ones are involved in making complex decisions. And yes, there is a specific region of the brain, the lateral habenula, which is core to decision-making.