Decision Making in Project Environment
Introduction
As a leader in a project, your team and organization rely on you to have good judgement and make the right decision with the information you have. Good decisions are the product of strong critical thinking skills and thoughtful problem solving. And like all skills, you can learn, practice, and get better at them. In this course, the trainer will help you do just that.
He will show how to critically assess the source of information and how to determine the right approach to take. The trainer will also demonstrates strategies for approaching both simple and complex problems, and details taking your team through the entire life cycle of a challenging decision. He also imparts an understanding of common traps people fall into when solving problems, both individually and as a team. After this course, you’ll have the tools to approach your next problem more critically and solve it more effectively.
PM Advance philosophy is to train and consult professionals not only based on theoretical knowledge, but also based on real-case scenarios and real experience. This will effectively impart the knowledge and the best practice skills to professionals in their daily work in respective industry.
Training Objectives
Upon completion of this course, delegates will be able to:
- Acquire practices of financial decision-making approaches and models
- Demonstrate the ability to implement financial business strategy
- Acquire the various strategy to establish strategic financial strategy of the new normal era
- Develop strategic blueprint that focus on short term and long-term financial strategy
- Familiar with organizational politics and come out strategy to overcome it
- Develop the process to manage financial risks
- Acquire the approaches to manage assets and other products
- Develop strategic framework to manage suppliers effectively
- Develop policies and procedures to manage people and resource strategically
Who should Attend
- Functional Leaders (C-levels, VPs, General Managers, Managers)
- Corporate strategy, PMO team members and Project Team Members
- Portfolio Managers, Program Managers and Project Managers.
- Teams or individuals tasked with developing a strategic plan for their organization Teams or individuals with balanced scorecard or KPI/Performance Measure development responsibility
- Any project stakeholders who involved in project management from small to medium size projects.
Training Outline:
Day One
- Principles of Decision Making
- Concepts of decision models
- Types of models
- Standard decision-making models
- Decision-making spectrum
- RAPID model
- Workflow models
- SMART requirements
- Business process innovation
- Data and Informed Decisions
- Lewin’s force field analysis of support and opposition
- Scenario analysis
- Charting possible futures
- Costs factors
- Mapping stakeholders’ reactions
- Level of stakeholder power
- Level of stakeholder interest
- Dealing with the politics of decisions
Day Two
- Risk-Based Decision making
- Elements of risk factors
- Types of risk
- Risk impact/probability chart
- Probability and impact dimensions
- Creating the chart using excel
- Decision tree analysis
- Decision points
- Chance points
- Risk based financial tools
- Prioritizing risk
- Risk response planning
- Financial Decision for Decision Makers
- Cost benefits analysis
- Costs and benefits
- Approaches to budgeting
- Zero based budgeting
- Liquidity analysis
- Asset management and activity ratios
- Market and valuation
- Profitability analysis
Day Three
- Financial Strategy
- Processes assets and products
- Performance measurement
- Importance of cash
- Inventory management
- Reducing receivables
- Increasing payables
- Balancing debt and equity
- External Forces Strategies
- Managing suppliers
- Managing people
- The effects of the economy
- Dealing with competitors
- Dealing with auditors
- Legislations
- Technology and automation