Miscellaneous

As you start to utilize the idea of game theory, you may wonder about the reality of the environment we live in, the non-sequential and chaotic-at-times nature of projects. How do you ‘play the games’ when nothing is constant? How do you organize your thoughts and approaches when nothing but change is certain. The good news is that the field of game theory is an ever evolving area of research. In 2007 the Nobel Prize for Economics went to a team of researchers interested in what they termed “The design of economic institutions”

So, how can project and program professionals take advantage of the game theory principles in our work? I propose that every engagement with or stakeholders is an opportunity to utilize these principles.

Now, before we explore the way we might use game theory as a framework, let’s remind ourselves that there are different types of games, and that ideally you want to engage in this work to find win/win opportunities and play cooperative games. Remember “use your powers for good”. Although once in awhile the situation might merit an occasional non-cooperative game.

Game theory is a mathematical method for analyzing calculated circumstances, such as in games, where a person’s success is based upon the choices of others. More formally, it is “the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.” An alternative term suggested “as a more descriptive name for the discipline” is interactive decision theory.