CMI 513 - LO 3.2 Presentation.pdf

Level 5 Managing Projects to Achieve Results Learning Outcome 3.2 Assess the use of problem solving and decision making techniques when managing projects LO 3.2 Problem solving and decision making What approaches to problem solving and decision making a...

Level 5 Managing Projects to Achieve Results Learning Outcome 3.2 Assess the use of problem solving and decision making techniques when managing projects LO 3.2 Problem solving and decision making What approaches to problem solving and decision making are useful in projects? Effective problem-solving and decision-making are critical for successful project management. Various techniques can be employed to identify, analyse, and resolve issues, ensuring projects stay on track and achieve their objectives. Root Cause Analysis and Fishbone Analysis help identify the underlying causes of problems, enabling you to address issues at their source rather than just treating symptoms. The Plan Do Check Act (PDCA) Cycle facilitates continuous improvement through iterative testing and refinement of solutions. What approaches to problem solving and decision making are useful in projects? The Pareto Principle, or the 80/20 rule, focuses on identifying the most significant factors contributing to a problem, allowing you to prioritise efforts where they will have the most significant impact. Cost Benefit Analysis and Return On Investment (ROI) are essential for evaluating the financial implications of different options, ensuring that resources are allocated efficiently. Options Appraisal helps compare various courses of action, while the OODA Loop (Observe, Orient, Decide, Act) is useful for making quick, informed decisions in dynamic situations. The PMI (Plus Minus Interesting) technique aids in evaluating the pros, cons, and neutral aspects of a decision, and the Ladder of Inference provides a framework for understanding how conclusions are reached based on available data. What approaches to problem solving and decision making are useful in projects? By employing these techniques, you can systematically approach problems, make informed decisions, and enhance project outcomes. These techniques, drawn from Management Direct and elsewhere, are laid out in more detail on the following pages. Root cause analysis This video looks at root cause analysis and its importance to accurate analysis and decision-making. The ‘5 Why’s’ technique is a simple but effective way of getting to the root of your problem to solve the cause, not the symptom. Below is the transcript of the Pearls of Wisdom video called Root Cause Analysis. To watch it, go to Management Direct and search Root Cause Analysis - 5 Whys. >>> Root Cause Analysis Video Transcript > Root Cause Analysis Video Transcript