You are preparing a budget for a major refurbishment of the building you manage and the cost estimates have come in way above budget. Which decision making technique is most appropriate to ensure the owner's objectives can be achieved at the lowest total cost?

Compare and contrast two different decision making techniques that may be suitable for reviewing major refurbishment budget.

Your answer should include a comparative analysis of these techniques, including but not limited to:

The definition of each technique

Key characteristics of each technique

Advantages and disadvantages of each technique

Examples / applications of each technique

Any other considerations

Your answer should conclude with a recommendation on which decision making technique might be the best option for this scenario and why you believe this to be the case.