Data Analytics


Services & Products

Partner Organizations

White Papers

Apprenticeships In PM

Our Vision

About Milestone

Contact Us



An important aspect of digital electronics, software and the information age is that nearly all of the “game changing” ideas that have emerged are really nothing more than mirror images of how our brains work. Concepts such binary bit strings, Boolean logic, hierarchical organizational structures are foundational elements of neuroscience. So, the better we understand how neurons, sparse distributed memory and Bayesian analysis works (all of which are components of neuroscience), the more likely it is that we will continue to develop useful computer applications.

Neuroeconomics links and maps economic concepts to psychology and ultimately to the behavior of neurons. We have applied these principles to functionality within PRIMMS in order to make the most useful software possible. The PRIMMS approach is straightforward and follows the standard hierarchical structure of project management.

Adding to that our approach is to understand and take advantage of this natural association and mapping between economics and psychology to ensure that project managers act in a rational and logically coherent fashion. This framework ties together all the relevant pieces that form the underlying structure of a full project management system. We make this framework operational through the PRIMMS® web enabled multi-project tool.

By adding neuroeconomic algorithms to PRIMMS we provide functionality that helps project managers look ahead and spot “risk turning points” quickly. This capability enables project managers to stay ahead of problems and eliminate them before they materialize. The “Voice of the Team” functionality, for example, combines elements of Bayesian statistics, psychology and economic game theory that gives project managers the best opportunity to overcome complexity and adversity and stay on track.

The figure below on the far right illustrates the basic neuroeconomic project management framework that forms the foundation of PRIMMS. The architecture follows a neuroscience based perception-action cycle where project performance information flows from left to right and action occurs from right to left. Here we see that projects are selected to add value to a portfolio. As projects become executed, Quality Gate performance is made visible using Bayesian “Weight of Evidence” methods to determine probability of success. Calculations of Bayes factors are used to update new evidence which focus attention on areas of risk requiring corrective or preventative actions. Bayes factors are also used to track progress toward value attainment during an implementation.



Click slides below to view each independently:

slide 3slide 2slide 1

    © 2015 Milestone Planning and Research, Inc. All Rights Reserved