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Risk and Decision Analysis in Projects, 2nd edition (2000)

Decision Analysis in Projects (1997, first edition)

by John Schuyler, published by Project Management Institute

This book (both editions) was the outgrowth of an invitation to write an article about how decision analysis can be used by project managers.  Not much could be said in one article, so a miniseries of at least three was begun. The series ran to twelve articles in PM Network magazine in quarterly installments beginning January 1993. James Pennypacker, then PMI's editor-in-chief suggested that these articles be compiled into a book, which as the first edition.  Another six article were written in 1998 and provided fresh material to expand the book into a second edition.

The major themes are these:

• Decision analysis and sound decision policy are suited to all manner of project decisions.
• Project management begins with the feasibility analysis.
• The context for project management decisions is maximizing the project value for the owner.
• The strong recommendation is for cost, schedule and performance to be valued, in monetary terms, from the perspective of the project's owner.
• A model of the project is the basis for forecasting the current plan and evaluating alternatives.

--John Schuyler, January 1997  revised Jan 2005