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Effective Economic Decision-Making Methods in Environmental and Sustainability Project Environments and Project Life Cycle

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Circular Economy and Engineering

Part of the book series: Management and Industrial Engineering ((MINEN))

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Abstract

Effective economic decision-making is a critical aspect in private or public organizations, especially when it comes to environmental and sustainability project initiatives. Executives, project managers, and teams make decisions daily about the exchange, generating new ideas, data review, and the evaluation of substitute approaches and policy implementation. Furthermore, project environments greatly determine the nature of these decisions. This study examines the magnitude to which decision-making influences organizations to achieve their goals through their daily decisions. The study employed a descriptive and qualitative research design. Also, a questionnaire was used for data collection and was designed using a 5-point scale that ranged from “strongly agree” to “strongly disagree.” The findings were that organizations with competent teams had ideal decision-making structures that traded along with desired strategic management practices. Moreover, young organizations relied on the services of consultants for advice regarding complex decisions. The nature of project environments equally influences the decision-making process for project managers within their respective organizations. Investing in information analysis was also crucial for effective decision-making in organizations. Equally, organizations took a careful approach and invested in post-decision activities, such as follow-ups and timely monitoring of the implementation of decisions. Such was crucial in instituting performance checks and progress monitoring of projects. Finally, the study revealed that effective decision-making was a result of systemic processes that involved people, systems, and resources within organizations.

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Authors and Affiliations

  1. Hofstra University, Hempstead, NY, USA

    Brian J. Galli

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  1. Brian J. Galli
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Correspondence to Brian J. Galli .

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Editors and Affiliations

  1. Department of Management, School of Economics and Management, University of Minho, Campus Gualtar, Braga, Portugal

    Carolina Machado

  2. Department of Mechanical Engineering, University of Aveiro, Campus Santiago, Aveiro, Portugal

    J. Paulo Davim

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Galli, B.J. (2020). Effective Economic Decision-Making Methods in Environmental and Sustainability Project Environments and Project Life Cycle. In: Machado, C., Davim, J. (eds) Circular Economy and Engineering. Management and Industrial Engineering. Springer, Cham. https://doi.org/10.1007/978-3-030-43044-3_2

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  • DOI: https://doi.org/10.1007/978-3-030-43044-3_2

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