This is an eText program.
A preference model is a representation of the value judgments needed for decision making. I recommend using a utility function for representing preferences. The utility function may be a single-attribute utility functionin which case it represents that there is only a single decision objective e.
A multiattribute utility function may be used to represent multiple decision objectives and to express willingness to tradeoff achievement of the different objectives.
A utility function may also be used to represent risk aversion I recommend using an exponential utility functionin which case risk preference is captured by a single parameter called risk tollerance. If a decision produces outcomes that occur over time, time preference is typically represented by Conflict management group portfolio project discounting to collapse those outcomes into an equivalent present valuein which case the discount rate is a necessary value judgment.
Attribute X is said to be preferentially independent of attribute Y if preferences for levels of X do not depend on the level of Y. Mutual preferential independence where all subsets of the attributes are preferentially independent complements is a necessary condition for using an additive value function to measure the value of projects.
To use a common example, suppose that when ordering a meal at a restaurant you are concerned about two attributes: Suppose you prefer beef to fish regardless of the color of wine you drink, in which case your preferences for food may be preferentially independent of wine.
However, suppose you prefer white wine with fish and red wine with beef. Then your preferences for wine depends on the food you order, so wine is not preferentially independent of food. As the example shows, one attribute may be preferentially independent of another without that other attribute being preferentially independent of it.
That's why mutual preferential independence is needed. A subset of the attributes X1, X2, If this property holds for all levels x1, x2, For example, suppose there are three attributes, X1, X2 ,X3, and suppose x1 and x'1 are two levels for X1; x2 and x'2 are two levels for X2; and x3 and x'3 are two levels for X3.
Demonstrating that each pair of attributes is preferentially independent of its complement means finding that preferences for: Demonstrating mutual preferential independence would appear to require showing that each individual attribute is preferentially independent of its complement, each pair of attributes is preferentially independent of its compliment, then each triplet, and so forth, which is a lot of assessments.
Its not really that many, however, as it has been proven that if Xi and Xj can be shown to be preference independent of the remaining attributes for any fixed attribute Xi and for all other Xj attributes, then mutual preferential independence must hold.
Mutual preference independence is important because it is a necessary but not sufficient condition for the existence of an additive value function applicable when there is no uncertainty over the levels of attributes: As an example of what happens when preferential independence is violated, suppose you are at a restaurant and want to select a meal with a glass of wine.
As demonstrated above, your preferences for wines may not be preferentially independent of your preferences for main dishes. Thus, the combination of your favorite wine from the wine list with your favorite entree from the menu won't necessarily result in the dinner meal you'd like best. Note that preferential independence does not require statistical independence or causal independence.
Mutual preferential independence can hold even when performance against different criteria is highly correlated, provided that the criteria express separate aspects of value e. Thus, a project that reduces pollution from company operation might simultaneously improve the health of local populations and be good for the environment.
In that case, the project would produce both human health value and environmental value. Because they are separate types of value human health and environmental health are preferentially independentthere is no double counting when adding the two types of value.
Present value is computed via a discount rate and the net present value formula. PRINCE2 Similar to PMBOKPRINCE2 is a process-based, project management methodology based on the application of best-practices such as continued business justification, learning from experience, defining roles and responsibilities, managing by stages, managing by exception, and focusing on products and tailored to suit the project environment.
PRINCE2 was originally developed by the government of the United Kingdom and is now widely used there, as well as internationally and in the private sector especially in information technology IT environments. The term is also used to refer to the training and accreditation of authorized practitioners of the methodology who undertake accredited qualifications to obtain certification.
The process of assigning priorities to things or tasks for the purpose of deciding how best to allocate time, money, or other limited resources. Prioritization involves ranking items into an ordered list.
The list indicates the order or preference for choosing the items, assuming that constraints or limits make it impossible to freely choose all items.Put very simply, project portfolio management (PPM) is the management of all projects in an organization from a high-level perspective.
Many companies use a Project Management Office to handle all activities related to PPM. The PMO is the central hub for all projects in the business, driving PPM on a largely strategic level.
| | Citywide Learning & Development MANAGEMENT & SUPERVISION PORTFOLIO 21 Irrefutable Laws of Leadership This course is designed to explore and discuss timeless leadership principles based on . Project managers routinely deal with conflict, both from internal and external sources.
This article provides a framework for the organizational conflict process, and discusses such common organizational causes of conflict as reward systems, scarce resources, uncertainty over lines of authority, differentiation (or interdepartmental friction), and poor communication.
permissions. In project portfolio management software, specifications of the particular users or user roles that are allowed access to secure work items and other project elements contained in the software database.. PERT chart. A diagram that graphically displays a type of network model often used to support the planning and analysis of projects composed of many interdependent tasks.
Project is a temporary endeavor undertaken to create a unique product or service. Building a road is an example of a project. The process of building a road takes a finite amount of time, and produces a unique product.
Operations, on the other hand, are repetitive. Generating bills every month, and. There is often a misunderstanding about the terms Portfolio, Programme and Project Management, when it comes to programme management. Sometimes a programme is called a project.
He or she assists in relationship and conflict management; Portfolio Leadership style A portfolio can be managed by an individual or a group of people.