1 PhD Scholarship in Deciding under uncertainty: improving risk management practice in engineering projects in Denmark | Technical University of Denmark (DTU)

We invite highly talented and motivated candidates to apply for this scholarship. The candidate’s work will focus on decision making under uncertainty and require critical reflection on knowledge from various disciplines, especially behavioral economics and decision science, psychology as well as risk management theory and practice in various industries. Knowledge obtained from and developed during this research is to be applied to the contexts of risk management in engineering projects.

Projects are about creating something new, and hence inherently uncertain. Failing to understand and accept uncertainty embedded in project decisions can lead to far-reaching consequences including missed opportunities, underestimated or unrecognized threats and project overruns or project failure.

While there is an extensive literature about decisions under uncertainty, risk, and behavioural economics that explains and offers strategies to navigate uncertainty. This research is mostly detached from the project management context. This research will contribute to closing this gap, and will integrate concepts from several disciplines to improve awareness of risks in project decisions.

The specific the goals of the project are:

• To explore strategies for coping with uncertainty in decisions throughout the project life cycle and the role that heuristics and cognitive biases play in such decisions
• To develop an experimental setup to develop and test project managers’ uncertainty awareness and its impact on decisions
• To develop adequate educational tools for achieving a deeper understanding of risk and the mastery of risk management in projects of various complexity levels

Qualifications:

Candidates should have a master's degree in engineering, economics or management or a similar degree with an academic level equivalent to the master's degree. Degrees on decision science, finance and economics or other degrees that relate to the management of uncertainty and risk are desirable.

Outstanding grades is a prerequisite. Knowledge and experience in risk management is required, knowledge and experience in decision-making, behavioural economics and human-subject experiments is desirable. Fluency in English and excellent communication skills.