Articles in the Project Scheduling Category
Monte Carlo Simulation, Project Management, Project Scheduling, Risk Management »
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 …
Monte Carlo Simulation, Project Management, Project Scheduling, Risk Management »
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 …
Project Management, Project Scheduling, Risk Management »
Over a week ago I came up with an offer to provide readers with the unique opportunity to run their project plans through a Monte Carlo Simulation and provide them with a high level summary of the results.
The response exceeded my expectations and up until now I was approached by 30 readers to provide them with an assessment of their plan.
Having gone through this experience I thought it would be appropriate to summarize my findings from this exercise, without, obviously, revealing the individual nature of the plans that have come …
Monte Carlo Simulation, Project Management, Project Scheduling, Risk Management »
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 …
