The Effect of Bounded Rationality Types on Project Evaluation
In project activities, bounded rationality has an impact on the project inevitably. But for different projects, the impacts of bounded rationality also have important differences. For some projects, there are much risks and uncertainties that people’s cognitive ability can’t cope with them, and the impact mainly shows as cognitive bounded rationality. While for some other projects, the problem of the project’s conflicting interests is prominent that it is difficult to achieve the optimization of the overall project effectiveness, and the impact shows as interests bounded rationality. Of course, there are many projects impacted by the both. Therefore, the project evaluation under bounded rationality requires distinguishing different circumstances, and giving different evaluation packages aiming at different bounded rationality types. At the same time, it should understand the characteristics of the project deeply, classify the project in accordance with the impact of bounded rationality, and then select the appropriate evaluation packages.
Keywordsproject evaluation uncertainty cognitive bounded rationality interest bounded rationality
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