Webinar: Decision Trees for Important Project Decisions


2 March 2014 – Virginia, USA – The College of Performance Management (CPM) has announced the topic and timing for its March Topical Webinar. The webinar will discuss when and how to use decision trees by David Hulett, PhD.   It will take place on Thursday, March 27th at 12:00 p.m. U.S. Eastern Time. The webinar is free to CPM members and $25.00 for non-members. PMI members can earn 1 PDU with the webinar. For more information or to register, Click Here.

140302-pmwj20-Decision-IMAGEDecision trees help organizations choose between alternative project management strategies when the results of such actions are uncertain. For example, should we use the low-price bidder when delivery and quality are uncertain? Or should we adopt a state-of-the-art technology if we may not know how to do this?

The webinar provides an overview of using decision trees for decision analysis and goes through a simplified real-world example of using decision trees for selecting a vendor. The webinar describes the steps needed to build the decision tree model, the inputs required and how to make a decision based on the risk attitude of the organization, whether risk-averse or risk-tolerant. The webinar finishes with a discussion on the role of sensitivity analysis and Monte Carlo simulations to help better understand the results of the decision tree model.

Dr. David Hulett (pictured) heads Hulett & Associates, LLC a leading firm in project cost and schedule risk management and project scheduling. Hulett & Associates has conducted many risk analyses,  Dr. Hulett has focused for the last 25 years on quantitative schedule risk analysis, integrated cost-schedule risk analysis and project scheduling best practices.

Dr. Hulett is well-known as a leader in project risk and scheduling standards, including leading the risk management chapter in the Guide to the Project Management Body of Knowledge (PMBOK® Guide) and the Practice Standard for Project Risk Management and participating on the Core Committee for the Practice Standard for Project Scheduling.  Dr. Hulett authored Practical Schedule Risk Analysis (Gower, 2009) for which he was recognized by the PMI College of Scheduling for “contributions to the scheduling profession” in 2010, and Integrated Cost- Schedule Risk Analysis (Gower, 2011).  He is also the author  of AACE International’s Recommended Practice 57R-09 Integrated Cost-Schedule Risk Analysis, a summary of  which appeared in AACEI’s Cost Engineering November/December 2012.

The College of Performance Management (CPM) is an international, non-profit professional organization dedicated to the disciplines of earned value, performance measurement and project management.  Headquartered in Alexandria, Virginia, USA, CPM is the world’s leading source of education and information related to earned value management and other performance management techniques. For decades, the CPM Community has been responsible for leading, developing, promulgating and training people on the program management techniques used by the private sector, the U.S. Federal Government and around the world for successful program performance management. CPM is a growing body of professionals dedicated to managing projects on time and on budget.  For more information, visit www.mycpm.org.

Press contact: Mark Phillips, PMP, CPM VP Communications, at [email protected]

Source: College of Performance Management