Abstract: An accurate estimation of project cost, and time is one of the most vital information for project management team, especially in mega-project involved brownfield scope of work. It is argued that behavioral biases are the root cause of projects underperform which lead to sunk cost fallacy and schedule overrun. Starting from the uniqueness bias which is considered the real feed of behavioral biases. The paper explains the two most popular behavioral biases which are optimistic, and escalation of commitment biases and how mentioned behavioral biases lead to inaccurate estimation of project cost and duration. Then, A solution was proposed to overcome behavioral biases in project management field by utilizing Artificial Neural Network which is a fast and accurate technique for estimating project cost, time, and risk in comparison with traditional methods.
Keywords: behavioral biases, optimistic biases, escalation of commitment biases, Artificial Neural Network, Cost and Time Estimation, Project Management.
Title: Mitigation of Behavioral Biases by Utilizing Artificial Neural Network in Project Management
Author: Khalid H. Alsufyani
International Journal of Interdisciplinary Research and Innovations
ISSN 2348-1218 (print), ISSN 2348-1226 (online)
Vol. 11, Issue 3, July 2023 - September 2023
Page No: 17-21
Research Publish Journals
Website: www.researchpublish.com
Published Date: 08-August-2023
