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Game Theory in Management, modeling business decisions and their consequences

BOOK REVIEW

Book Title:  Game Theory in Management, modeling business decisions and their consequences

Author:  Michael Hatfield, MBA, PMP, CCC, EVP

Publisher:  Gower Publishing Company

List Price:   £35.00

Format:  hard cover and electronic; 192 pages

Publication Date: 2012

ISBN: 978-1-40944241-7 (hbk)

Reviewer:      Rodger L. Martin, JD, MBA, BSEE, PMP

Review Date:              July 2012
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Introduction to the Book

The book is misnamed.  It is much more than just Game Theory as applied to Management Decision Making.  It is an excellent review of several management theories used for decision making and identifies their limitations and boundaries.

Overview of Book’s Structure

The book is divided into three parts:  First, the author explains current popular management theories for decision making, including Game Theory, Network Theory, Risk Management, and some people-characterization models.

In Part II, he then builds a strong case that many of these approaches are invalidly extended well beyond their useful boundaries, including Asset Managers’ GAAP, Risk Management, Six Sigma and other Quality Initiatives.  He is especially critical of using these methods to predict future events.

In Part III, he presents a three-dimensional unified management decision making theory based upon Asset Management for internal focus, Project Management for Customer/Product focus, and Strategic Management for market/competitor focus.

More…

To read entire Book Review (click here)

About the Reviewer

Rodger Martin       

Rodger Martin, JD, MBA, BSEE, PMP has a broad background in business, law, engineering and Project Management.  He is a retired US Air Force officer with expertise in rockets and National Ranges.  His work experience includes government, military, public corporations, small business consulting and high-tech non-profit organizations.  For the last 12 years, he has worked on Document Management, Knowledge Management and Process Management/Modeling projects.  He acquired his PMP certification in 2007.

Editor’s note:  This book review was the result of cooperation between the publisher, PM World Inc and the Dallas Chapter of the Project Management Institute (www.pmidallas.org). Publishers provide books to PM World, books are delivered to the PMI Dallas Chapter where they are given to chapter members who commit to providing a book review in a standard format; the reviews are published in the PM World Journal and PM World Library.  Since PMI Dallas Chapter members are generally mid-career professionals, they represent the intended audience for most PM books.  If you are an author or publisher of a book related to program or project management, and would like the book reviewed through this program, please contact [email protected].