One of the scheduling tools at the project manager’s disposal is the Critical Path Method, the outcome of which would be:
1. A list of all activities required to complete the project
2. The time (duration) that each activity will take
3. The dependencies between the activities.
With the above, the longest path of planned activities can be identified, and the “critical” activities (i.e those activities whose combined duration dictate how long the duration is planned to be) are identified.
There are a number of methodological issues with the Critical Path Method, one of which …

A 2007 article by Young Hoon Kwak and Lisa Ingall, titled “Exploring Monte Carlo Simulation Applications for Project Management”, examines the Monte Carlo Simulation method and its uses in the field of Project Management.
Apart from being a good reference document, where a brief history of this technique is being discussed and explained, this article provides a good review of various studies published around the benefits as well as the potential complexities associated with implementing this technique in real life situations.
The article points out that one of the limitations of using this technique …

Ok, I’m having a bit of a fun with this one.
Submit a copy of your project plan (in Microsoft Project format only at the moment) and I will send back to you a high level risk assessment of your project schedule’s based on a Monte Carlo Simulation.
There’s absolutely no catch. The reason I’m doing it is because it seems to me that many don’t yet understand the benefits of using this technique to better understand the risks that lie dormant within their project schedules.
If you are interested in this FREE …

To ensure the successful completion of a project, it is of utmost importance for the project manager to find ways to handle uncertainties that can pose potential risks for a project. Risk management is an iterative process. Risks can relate to any aspect of the project – be it the cost, schedule, or quality. The key to managing risks is to identify them early on in the project and develop an appropriate risk response plan.

To develop a Risk Response Plan, you need to quantify the impact of risks on the …

Cursory discussions with young project managers reveal a simple yet concerning fact. Most project managers are aware of the need to identify and manage project risks and most will be aware of the need to establish and publish a project risk register. That’s the good news. Where most inexperienced project managers fail is in their lack of understanding of the need to rigorously manage project risks arising inherently from their project schedule.
A short example can illustrate the issue quite clearly. Assume your project has 5 tasks, each estimated with a …