Optimizing Decisions Using Game Theory in Project Procurement Management

The aim of this paper is to present the application possibilities of selected models of games with nature in order to optimize decisions in conditions of uncertainty during the project procurement management. The investment project planning, in terms of the decision aid theory may be recognized as a selective method of obtaining and processing information, allowing to make the right decision regarding its implementation or omission. In the article a particular attention is paid to the area of the investment's material procurement planning and selected decision-making problems related to: (1) the choice of option for the investment expenditure, depending on the formation of the expected project benefits, defined as the efficiency function and (2) selection of an option for different order sizes of materials and raw materials, depending on the formation of the consequences of their deficiency, defined by the sustained loss. To solve such articulated problems the game theory has been applied. Appropriate game with nature models have been used as a tool for describing the decisions taken in the conditions of uncertainty. The proposed approach will be illustrated with a case study.