MODULE 4: Influence & Barriers
Warm Up!
Within this module, we will consider influence and barriers to influence in both decision analysis and in project management. Let's start with a warm-up!
Within this module, we will consider influence and barriers to influence in both decision analysis and in project management. Let's start with a warm-up!
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Bias
Let's return to a brief consideration of bias.
Let's return to a brief consideration of bias.
Stakeholder Management
According to the Project Management Body of Knowledge (PMBOK), the project manager (treated here as the decision maker) must know who the stakeholders are when managing a project,and, must be actively involved in managing stakeholder expectations.
The PMBOK has four knowledge areas pertaining to stakeholder management:
Infographics:
According to the Project Management Body of Knowledge (PMBOK), the project manager (treated here as the decision maker) must know who the stakeholders are when managing a project,and, must be actively involved in managing stakeholder expectations.
The PMBOK has four knowledge areas pertaining to stakeholder management:
Infographics:
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Stakeholder Analysis Template |
In this section you will access your Hypothes.is assignment(s):
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H6: Cognitive Bias & You!
https://hyp.is/82whntc7EemSPQPxIKnYSw/www.youtube.com/watch?v=wEwGBIr_RIw
In this section you will access your Flipgrid assignments.
https://flipgrid.com/2f4a21ca
PASSWORD: NEC2019!
Module 4 Assignment
Consider the following information, which continues the Really Big Ideas decision scenario. Vice President Adam Smith of Really Big Ideas, Inc. calls you the following day. He reports that the company has learned new information that may affect the decision. Smith wants to know if you can prepare a new analysis using the new information. Smith tells you that the proposed smoke and fire detector must pass an Underwriters Laboratories (UL) safety certification before it can be sold. Note that such certification is not necessary for the motion detector. Director Samiksha Singh has interviewed a UL inspector and learned how the certification process works. Singh has modified the marketing and success estimates based on the new information. She now reports that:
- the commercial grade certification will result in $1,000,000 sales (as originally expected).
- However, the likelihood of obtaining the coveted commercial certification is only 30% due to the stringent standard.
- A less-stringent residential grade certification is 60% likely, but would result in only $800,000 sales.
- There is a 10% chance that the smoke and fire detector will not pass any certification test.
- In this case—a complete failure—the company will lose the initial $100,000 investment cost.
- Underwriters Laboratories charges a $5,000 non-refundable fee for the certification application.
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Homework 4 Template |
Required Reading:
Brooks, C. (2014, March 28). What Is a Decision Tree? Retrieved September 18, 2017, from http://www.businessnewsdaily.com/6147-decision-tree.html
Decision Tree Analysis: Choosing by Projecting. (n.d.). Retrieved September 18, 2017, from https://www.mindtools.com/dectree.html?route=article%2FnewTED_04.htm
Decision Tree. (n.d.). Retrieved September 18, 2017, from https://www.smartdraw.com/decision-tree/
Influence Diagram (n.d.) Retrieved September 18, 2017, from https://www.smartdraw.com/influence-diagram/
Montibeller, G., & Von Winterfeldt, D. (2015). Cognitive and Motivational Biases in Decision and Risk Analysis. Risk Analysis, 35(7), 1230-1251. doi:10.1111/risa.12360 available here
Additional Required Viewing: