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Investigating the awareness of decision-making heuristics and biases in the selection and definition of infrastructure projects

Al-Ali, M; Emes, M; Leal, R; (2018) Investigating the awareness of decision-making heuristics and biases in the selection and definition of infrastructure projects. In: Conference Proceedings – 2018 Paris. (pp. pp. 853-863). Industrial Engineering & Operations Management (IEOM) Society International: Paris, France. Green open access

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Abstract

The decision-making process can be biased by virtue of the role that mental shortcuts play in human decision making. Although many researchers have studied this fact in form of psychological behaviours and behavioural economics, limited research has explored the role of heuristics and biases in the selection and definition of infrastructure projects. Accordingly, this paper provides a baseline for further research, presented in a "codex model". A survey has been conducted to address the extent of people's awareness of heuristics and biases. The results show that more than 80% of the participants are not familiar with the concept of decision-making heuristics and biases. This research is important because it highlights the fact that increasing the awareness of decision-making heuristics and biases may lead to improved project decisions.

Type: Proceedings paper
Title: Investigating the awareness of decision-making heuristics and biases in the selection and definition of infrastructure projects
Event: 2nd IEOM European Conference
ISBN-13: 978-1-5323-5945-3
Open access status: An open access version is available from UCL Discovery
Publisher version: http://ieomsociety.org/paris2018/proceedings/
Additional information: This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: Infrastructure projects, heuristics and biases, selection and definition, codex, awareness
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Maths and Physical Sciences
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Maths and Physical Sciences > Dept of Space and Climate Physics
URI: https://discovery.ucl.ac.uk/id/eprint/10076897
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