The Future of Economic Decision Making in Project Management

Project management has become the best way to plan for the future, and its importance in finding appropriate solutions is undoubted. Because of the cost factor of operations, barely any of the projects involve economic decision-making. The complexity in making economic decisions causes some of the projects to make the wrong decisions due to lack of proper information. Financial decision-making involves more than just collecting information and making decisions based on the information. For the formed economic decisions to be viable, a deep analysis of the economy must be done to estimate the future economy. This study focuses on the future trend and the relevance of economic decision-making in project management. It is based on testing the influence of economic decision-making, innovativeness, risk profile, and the size of the management team on the success of a project. The primary theme is to evaluate the level of significance of economic decision-making in project management.