Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory

Zhenyou Li

doi:doi:10.11648/j.ajdmkd.20170202.11

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Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory

Zhenyou Li

Published in American Journal of Data Mining and Knowledge Discovery (Volume 2, Issue 2)

Received: 9 January 2017 Accepted: 23 January 2017 Published: 20 February 2017

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Abstract

Project risks have been proposed to be divided into four categories, namely, strategic risks, financial risks, operational risks and hazard risks for projects under the international competitive environment. Through systematical studies on internationally contracting project risk decisions based on Behavioral Decision Theory (BDT), key factors related to the behavior preferences of decision makers have been induced to expand and improve existing risk decision models, improving the efficiency and effectiveness of risk decision-making. Such systematical studies have resulted in some interesting findings which may be helpful for guiding the project management in strategic and operational planning. The first finding shows that, a reasonable guide has helped owners determine the appropriate contracting project management mode based on the specific context and requirements of the project in order to better improve the decision-making efficiency and effectiveness, and effectively control project risks by properly staffing the organizational behaviors. The second finding shows that, the risk quantification and proper financing decision making basis has been proposed on internationally contracting project costs estimate to meet the financing requirements of international banks, so as to help the contractor assist the owners for financing. The third finding shows that, the clearly defined methods for calculating the expected returns and risks on the risk decision on contracting project in properly packaging planning and procurement strategies have been systematically studied, so as to effectively instruct the contractors for the project subcontracting and its packaging planning and risk controlling.

Published in	American Journal of Data Mining and Knowledge Discovery (Volume 2, Issue 2)
DOI	10.11648/j.ajdmkd.20170202.11
Page(s)	42-49
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Project Management, Project Strategic Planning, Risk Decision, Behavioral Decision Theory

References

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APA Style

Zhenyou Li. (2017). Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory. American Journal of Data Mining and Knowledge Discovery, 2(2), 42-49. https://doi.org/10.11648/j.ajdmkd.20170202.11

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ACS Style

Zhenyou Li. Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory. Am. J. Data Min. Knowl. Discov. 2017, 2(2), 42-49. doi: 10.11648/j.ajdmkd.20170202.11

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AMA Style

Zhenyou Li. Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory. Am J Data Min Knowl Discov. 2017;2(2):42-49. doi: 10.11648/j.ajdmkd.20170202.11

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@article{10.11648/j.ajdmkd.20170202.11,
  author = {Zhenyou Li},
  title = {Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory},
  journal = {American Journal of Data Mining and Knowledge Discovery},
  volume = {2},
  number = {2},
  pages = {42-49},
  doi = {10.11648/j.ajdmkd.20170202.11},
  url = {https://doi.org/10.11648/j.ajdmkd.20170202.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajdmkd.20170202.11},
  abstract = {Project risks have been proposed to be divided into four categories, namely, strategic risks, financial risks, operational risks and hazard risks for projects under the international competitive environment. Through systematical studies on internationally contracting project risk decisions based on Behavioral Decision Theory (BDT), key factors related to the behavior preferences of decision makers have been induced to expand and improve existing risk decision models, improving the efficiency and effectiveness of risk decision-making. Such systematical studies have resulted in some interesting findings which may be helpful for guiding the project management in strategic and operational planning. The first finding shows that, a reasonable guide has helped owners determine the appropriate contracting project management mode based on the specific context and requirements of the project in order to better improve the decision-making efficiency and effectiveness, and effectively control project risks by properly staffing the organizational behaviors. The second finding shows that, the risk quantification and proper financing decision making basis has been proposed on internationally contracting project costs estimate to meet the financing requirements of international banks, so as to help the contractor assist the owners for financing. The third finding shows that, the clearly defined methods for calculating the expected returns and risks on the risk decision on contracting project in properly packaging planning and procurement strategies have been systematically studied, so as to effectively instruct the contractors for the project subcontracting and its packaging planning and risk controlling.},
 year = {2017}
}

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TY  - JOUR
T1  - Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory
AU  - Zhenyou Li
Y1  - 2017/02/20
PY  - 2017
N1  - https://doi.org/10.11648/j.ajdmkd.20170202.11
DO  - 10.11648/j.ajdmkd.20170202.11
T2  - American Journal of Data Mining and Knowledge Discovery
JF  - American Journal of Data Mining and Knowledge Discovery
JO  - American Journal of Data Mining and Knowledge Discovery
SP  - 42
EP  - 49
PB  - Science Publishing Group
SN  - 2578-7837
UR  - https://doi.org/10.11648/j.ajdmkd.20170202.11
AB  - Project risks have been proposed to be divided into four categories, namely, strategic risks, financial risks, operational risks and hazard risks for projects under the international competitive environment. Through systematical studies on internationally contracting project risk decisions based on Behavioral Decision Theory (BDT), key factors related to the behavior preferences of decision makers have been induced to expand and improve existing risk decision models, improving the efficiency and effectiveness of risk decision-making. Such systematical studies have resulted in some interesting findings which may be helpful for guiding the project management in strategic and operational planning. The first finding shows that, a reasonable guide has helped owners determine the appropriate contracting project management mode based on the specific context and requirements of the project in order to better improve the decision-making efficiency and effectiveness, and effectively control project risks by properly staffing the organizational behaviors. The second finding shows that, the risk quantification and proper financing decision making basis has been proposed on internationally contracting project costs estimate to meet the financing requirements of international banks, so as to help the contractor assist the owners for financing. The third finding shows that, the clearly defined methods for calculating the expected returns and risks on the risk decision on contracting project in properly packaging planning and procurement strategies have been systematically studied, so as to effectively instruct the contractors for the project subcontracting and its packaging planning and risk controlling.
VL  - 2
IS  - 2
ER  -

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Author Information

Zhenyou Li

Department of Project Management, China NERIN Engineering Co. Ltd., Nanchang, China

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Plain Text BibTeX RIS

APA Style

Zhenyou Li. (2017). Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory. American Journal of Data Mining and Knowledge Discovery, 2(2), 42-49. https://doi.org/10.11648/j.ajdmkd.20170202.11

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ACS Style

Zhenyou Li. Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory. Am. J. Data Min. Knowl. Discov. 2017, 2(2), 42-49. doi: 10.11648/j.ajdmkd.20170202.11

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AMA Style

Zhenyou Li. Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory. Am J Data Min Knowl Discov. 2017;2(2):42-49. doi: 10.11648/j.ajdmkd.20170202.11

Copy | Download

@article{10.11648/j.ajdmkd.20170202.11,
  author = {Zhenyou Li},
  title = {Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory},
  journal = {American Journal of Data Mining and Knowledge Discovery},
  volume = {2},
  number = {2},
  pages = {42-49},
  doi = {10.11648/j.ajdmkd.20170202.11},
  url = {https://doi.org/10.11648/j.ajdmkd.20170202.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajdmkd.20170202.11},
  abstract = {Project risks have been proposed to be divided into four categories, namely, strategic risks, financial risks, operational risks and hazard risks for projects under the international competitive environment. Through systematical studies on internationally contracting project risk decisions based on Behavioral Decision Theory (BDT), key factors related to the behavior preferences of decision makers have been induced to expand and improve existing risk decision models, improving the efficiency and effectiveness of risk decision-making. Such systematical studies have resulted in some interesting findings which may be helpful for guiding the project management in strategic and operational planning. The first finding shows that, a reasonable guide has helped owners determine the appropriate contracting project management mode based on the specific context and requirements of the project in order to better improve the decision-making efficiency and effectiveness, and effectively control project risks by properly staffing the organizational behaviors. The second finding shows that, the risk quantification and proper financing decision making basis has been proposed on internationally contracting project costs estimate to meet the financing requirements of international banks, so as to help the contractor assist the owners for financing. The third finding shows that, the clearly defined methods for calculating the expected returns and risks on the risk decision on contracting project in properly packaging planning and procurement strategies have been systematically studied, so as to effectively instruct the contractors for the project subcontracting and its packaging planning and risk controlling.},
 year = {2017}
}

Copy | Download

TY  - JOUR
T1  - Improving Risk Decisions for Internationally Contracting Projects Based on Behavioral Decision Theory
AU  - Zhenyou Li
Y1  - 2017/02/20
PY  - 2017
N1  - https://doi.org/10.11648/j.ajdmkd.20170202.11
DO  - 10.11648/j.ajdmkd.20170202.11
T2  - American Journal of Data Mining and Knowledge Discovery
JF  - American Journal of Data Mining and Knowledge Discovery
JO  - American Journal of Data Mining and Knowledge Discovery
SP  - 42
EP  - 49
PB  - Science Publishing Group
SN  - 2578-7837
UR  - https://doi.org/10.11648/j.ajdmkd.20170202.11
AB  - Project risks have been proposed to be divided into four categories, namely, strategic risks, financial risks, operational risks and hazard risks for projects under the international competitive environment. Through systematical studies on internationally contracting project risk decisions based on Behavioral Decision Theory (BDT), key factors related to the behavior preferences of decision makers have been induced to expand and improve existing risk decision models, improving the efficiency and effectiveness of risk decision-making. Such systematical studies have resulted in some interesting findings which may be helpful for guiding the project management in strategic and operational planning. The first finding shows that, a reasonable guide has helped owners determine the appropriate contracting project management mode based on the specific context and requirements of the project in order to better improve the decision-making efficiency and effectiveness, and effectively control project risks by properly staffing the organizational behaviors. The second finding shows that, the risk quantification and proper financing decision making basis has been proposed on internationally contracting project costs estimate to meet the financing requirements of international banks, so as to help the contractor assist the owners for financing. The third finding shows that, the clearly defined methods for calculating the expected returns and risks on the risk decision on contracting project in properly packaging planning and procurement strategies have been systematically studied, so as to effectively instruct the contractors for the project subcontracting and its packaging planning and risk controlling.
VL  - 2
IS  - 2
ER  -

Copy | Download