What Game Theory and Poker Can Teach Us in Project Management

Overseeing a group of people when we're managing a project can be difficult. If professionals have different goals and motivations, or differing views on how the project can be completed, we might feel like a parent or a counsellor when we try to shape the group into a cohesive whole. The primary purpose of the article is defining game theory as one of the creative methods of successful managing of educational projects of different sizes, with respect to economic and management specifics of post-crisis Czech Republic. From the examples mentioned in presented paper will be clear, that game theory has its place in project management and is for it quite utilizable. Besides, a well-defined communication strategy built on the principles of game theory may reduce or eliminate the probability of risk (problem) creation in project management. The practical implication of presented paper is the confirmation of Bilton and Cumming's hypothesis published in (Bilton, Cummins, 2014) stating that using game theory helps understand the needs and interests of the involved participants in the educational project and eliminate eventual communication risks, hindering the successful completion of the project. (C) 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license