Decision Making, Transactional Costs and Dispute Resolution: Is There a Better Way?

Topics:
Decision making,
Innovation
Tags:
Decision-making,
Management,
Massachusetts Institute Of Technology,
Public Sector,
Tools & Techniques
Source:
Massachusetts Institute of Technology

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Overview: This paper introduces a framework for improving project decision making through dispute identification, assessment, and control. Focusing on an area of limited previous research, this paper develops a methodology for assessing dispute impacts through their frequency and severity. First, an evaluation of dispute root causes from almost 2000 litigated public sector construction cases is presented. Findings from these data indicate a reduction in litigation as a result of some innovative dispute resolution and contracting approaches. Second, an approach for identifying and capturing the transactional costs incurred to resolve disputes throughout the full spectrum of resolution techniques is expounded.

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Format: PDF | Size: 320KB | Date: Dec 2005 | Pages: 18

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