On the 8th October the APM Scotland branch's Aberdeen chapter hosted the very popular event "So, you think you are good at making decisions?" with Dr Keith Eagles, where Keith looked into how good or bad decision management can help and hinder projects.
Capital projects are littered with tales of failure or waste of resource, arising from poor decisions thought to be right at the time. As oil and gas projects start to recover, they will enter a new world order, along with most other industries, where greater accountability and transparency of decision making will be demanded. Project managers know that more resource spent in the formative stages of a project can add value that may never be realised if the wrong path is taken at the outset. Nevertheless, few put into practice structured decision making to specific opportunities and decision problems.
Keith's presentation exhibited that humans are perhaps not as good at making decisions as they may wish to think, described the key elements of good decision making and how these may be applied to deliver value creating solutions. He also provided a real life example where poor decision management was derailing the strategic development of a stranded gas reserves prospect in the Amazon Basin.