Sandeepinfotech global economy and Babi PM replies.
I’m studying for my Computer Science class and need an explanation.
please read below student posts (4 student posts) reply each in 150 words.
Bhanu – Robust decision making (RDM) is an analytic framework that helps identify potential robust strategies, characterize the vulnerabilities of such strategies, and evaluate trade-offs among them. RDM is being used at RAND to help decisionmakers in areas such as water resources planning, energy, and coastal resilience—areas often plagued with “deep uncertainty,” in which stakeholders do not know or agree on the relationships among actions, consequences, and probabilities.
Robust Decision Making is based on the concept of “robustness” rather than “optimality”, which emphasizes an option’s ability to be effective over a range of possible future conditions. Considering the characteristic of climate change and therefore adaptation objectives and measures, RDM is discussed as a very interesting method supporting adaptation decision making (Jansen and Wimmer, 2015).
It can be considered as an alternative approach to more traditional economic assessment methods like cost-benefit analysis, as RDM seeks robust options (“good enough”) instead of options deemed optimal in terms of economic efficiency. In other words, RDM seeks to minimize regret, instead of maximizing expected utility.
RDM tests adaptation strategies across a large number of plausible future states, the main objective being to help decision makers anticipate or mitigate the impacts of a range of possible climatic changes. RDM can help integrate multiple sources of uncertainties, stemming from e.g. future climate and socio-economic conditions, in the analysis of the performance of adaptation options. . In particular, RDM allows decision makers to take robust or resilient decisions in the short-term, despite incomplete and uncertain information about the long-term.
vijay – Discussion Chapter 5: From Building a Model to Adaptive Robust Decision-Making Using Systems Modeling
Recent and current developments in the field of modeling and simulation combined with the growth in computational power, social media, data, and other evolutions in the field of computer science have played and continue to play an important role in creating new opportunities for model-based analysis and decision-making. The development of hybrid and multi-method modeling and simulation approaches continues to make current approaches to modeling and simulation appropriate for dealing with agent system characteristics, deep uncertainty, network and spatial aspects, and other useful aspects of policymaking (Pruyt, 2015). Machine learning and data science techniques are being developed to contribute to modeling and simulation. Analytical approaches, machine learning algorithms, new visualization techniques, and formal methods for analyzing models to help in generating useful policy insights. New methods and tools are also being developed to shift policymaking to model-based policy design. However, it is important to continue developing easier connectors to computer programs, databases, ICT systems, interfacing software, and social media to empower system modelers to turn system models into real decision-support systems.
Although hybrid simulation has attracted a lot of attention because of the contribution it makes to policymaking, it faces one major challenge. This involves the validation of hybrid simulation models. An added challenge in validating is added when working with hybrid simulations when it comes to inter-modular verification of the exchanged information (Eldabi & Mustafee, 2018). Moving on into the futures, a better approach that can be used to validate hybrid models.
parth – 1. Why do some executives refuse to function as project sponsors?
In general, many executives were refused function as project sponsors because they have to take the pressure of project activities. In addition to this, project sponsors must take strategic decisions at the right time and those decisions will definitely influence the company business. The project sponsors face negative consequences if their decisions failed to achieve the project results (Kerzner, 2017, p. 59). As a result of this, the professional career will be spoiled if they unable to bring the best outcomes for projects. The project sponsor should negotiate the fund for the project and he/she always communicate with the project managers to provide clear directions and key strategies for them to accomplish the project ineffective way (Molen, 2015, p. 188). These are responsibilities that the project sponsor needs to consider and if they did not meet these responsibilities it will show a negative impact on their reputation. For this reason, most of the executives did not show an interest to act as the project sponsor.
2. Can an executive be “forced” to function as a sponsor?
Yes, in some situations, the executives may be assigned to act as a project sponsor and if the project sponsors resign the job then it will impact on the company business projects. For this reason, most of the companies assign executives to function as the project sponsor. The same thing happened in the given case study, where project sponsor of Moreland Company was retired then the company assigned Al Zink to act as a project sponsor (Kerzner, 2017). This kind of decisions made by the company president so executives may have a chance to act as the project sponsor.
3. Is it right for the sponsor to be the ultimate person responsible for the success or failure of the project?
No, it is the wrong perception because project success or failures is completed depends on the project members who are committed to complete the project. Every project needs team efforts and effective project manager to achieve the project results (Kerzner, 2017). In addition to this, the project manager or project members may make mistakes in the implementation process of the project even though the project sponsor offering clear guidelines. So it wrong perception and everyone who engaged to the project must take responsibilities of project success or failure.
gaurav – Question 1
There are different components involved within a project that consists organizing resources, identifying requirements and planning. Project sponsor needs to oversee all the requirement and key components in a project. There are lot of risks associated with project sponsor and the failure of the project can be a disaster. In case of any problem or breakdown, project sponsor is the one who gets contacted first. Project sponsor have to commit lot of time for the success of the project and company and this the reason that sometime executives refuses to be the project sponsors.
Even though a executive knows in and out about a organization but he/she can’t be forced to be a sponsor. It is true that a sponsor of a project is decided by the management but it is the will of a person to be a sponsor or not in a project. If anyone gets planted as a sponsor on a project, then that person will not perform to the best of his/her efforts and the project might lead to failure.
A project is carried out by the whole team engaged in that particular project. A sponsor is the one who defines the road map of the project and the whole team works collaboratively to attain the goal. A sponsor is not solely responsible for the failure or success of a project as the whole team is responsible for the failure or success of a project. Each and every member have to fulfill his/her roles and responsibilities regardless of the position in that team, whether its a sponsor or any other team member, everyone have to make sure that they are working correctly and timely.