A NEW SIMPLIFIED DECISION MAKING SYSTEM FOR SMALL PROJECTS
Abstract
Making decisions on funding or not funding projects is the most difficult process in management, especially for the state services that have a limited budget. The aim of this study is to establish a new simplified system for evaluating small projects based on translating all values into economic terms. The new system tries to simplify the Cost-Benefit Analysis (on which it is based) to the bare minimum and still keep a high degree of relevance to the decision-making process. The conclusions were somewhat remarkable, mostly because the system gives accurate and relevant data for comparing projects despite its simplicity. The other big benefit of this system is its simple nature and ease of understanding even for people with no economic studies.
The applied part of this paper involves an analysis of real projects in Brasov County – Romania and the results of applying Cost-Benefit Analysis and the new method for evaluating projects.
The paper concludes proposing a new, modern and simple system for improving decision making on small projects.
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