Implications of Economic Decision Making to the Project Manager: An Investigative Report

Decision-making is required frequently from a project manager. Therefore, this study investigates the fundamentals of economic decision-making, beneficial project manager characteristics, methods that help the project manager’s decision-making, and when economic decision-making should be applied. It was found that internal and external factors influence economic decision-making for a project manager. Also, it was established that economic decision-making should be implemented throughout the duration of the project. When there is not enough data to support economic estimation methods and no time to improve the method, then the project manager must use his/her experience to make a decision.