Decision-makingIn psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action.
MegaprojectA megaproject is an extremely large-scale investment project. According to the Oxford Handbook of Megaproject Management, "Megaprojects are large-scale, complex ventures that typically cost 1billionormore,takemanyyearstodevelopandbuild,involvemultiplepublicandprivatestakeholders,aretransformational,andimpactmillionsofpeople".However,1 billion is not a constraint in defining megaprojects; in some contexts a relative approach is needed, such as in developing countries, where a much smaller project (such as one with a $100 million budget) could constitute a megaproject. Best practiceA best practice is a method or technique that has been generally accepted as superior to other known alternatives because it often produces results that are superior to those achieved by other means or because it has become a standard way of doing things, e.g., a standard way of complying with legal or ethical requirements. Best practices are used to maintain quality as an alternative to mandatory legislated standards and can be based on self-assessment or benchmarking.
Engineering educationEngineering education is the activity of teaching knowledge and principles to the professional practice of engineering. It includes an initial education (bachelor's and/or master's degree), and any advanced education and specializations that follow. Engineering education is typically accompanied by additional postgraduate examinations and supervised training as the requirements for a professional engineering license. The length of education, and training to qualify as a basic professional engineer, is typically 5 years, with 15–20 years for an engineer who takes responsibility for major projects.
PRINCE2PRINCE2 (PRojects IN Controlled Environments) is a structured project management method and practitioner certification programme. PRINCE2 emphasises dividing projects into manageable and controllable stages. It is adopted in many countries worldwide, including the UK, Western European countries, and Australia. PRINCE2 training is available in many languages. PRINCE2 was developed as a UK government standard for information systems projects.
MinimaxMinmax (sometimes Minimax, MM or saddle point) is a decision rule used in artificial intelligence, decision theory, game theory, statistics, and philosophy for minimizing the possible loss for a worst case (maximum loss) scenario. When dealing with gains, it is referred to as "maximin" – to maximize the minimum gain. Originally formulated for several-player zero-sum game theory, covering both the cases where players take alternate moves and those where they make simultaneous moves, it has also been extended to more complex games and to general decision-making in the presence of uncertainty.
Wald's maximin modelIn decision theory and game theory, Wald's maximin model is a non-probabilistic decision-making model according to which decisions are ranked on the basis of their worst-case outcomes – the optimal decision is one with the least bad worst outcome. It is one of the most important models in robust decision making in general and robust optimization in particular. It is also known by a variety of other titles, such as Wald's maximin rule, Wald's maximin principle, Wald's maximin paradigm, and Wald's maximin criterion.
Regulation and licensure in engineeringRegulation and licensure in engineering is established by various jurisdictions of the world to encourage life, public welfare, safety, well-being, then environment and other interests of the general public and to define the licensure process through which an engineer becomes licensed to practice engineering and to provide professional services and products to the public. As with many other professions and activities, engineering is often a restricted activity.
Outline of project managementThe following outline is provided as an overview of and topical guide to project management: Project management – discipline of planning, organizing, securing, managing, leading, and controlling resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value.
