Decision-Making Models for High-Risk Projects: Balancing Cost, Quality and Time

This study investigates high risk project decision-making models that aim at balancing the critical project constraints of cost, quality and time. The paper explores the different decision-making models and assesses their relevance in handling high risks settings. By applying the real-life case studies, such as the 2012 London Olympics and the 787 Dreamliner project of Boeing, the study reveals how the project managers use these models to reduce risks and maximize results. The research methodology involves the qualitative analysis, case-study analysis, and performance metrics. The main discovered outcomes are that although the traditional decision making models such as the Critical Path Method (CPM) are useful, the modern ones, such as Monte Carlo simulations and risk-based analysis, provide greater flexibility and accuracy in the high-risk situations. The paper ends with the practical implication of enhancing project management approach and suggestion of what to do in another research on adaptive decision-making models in high-risk situations.