Monte Carlo Risk Analysis

Hi
Please let me know what is this Monte Carlo Risk Anlysis & where do I get to learn this methodology
regards
sAI

Hi Sai,

Basically, Monte Carlo Analysis allows you to enter Optemistic/Most Likely/Pessimistic durations on activities. You then identify the task you wish to evaluate(ie project/milestone completion activity).

You then run iterations where the system computes different combinations using programme logic and duration combinations.

End result would be a % likely completion of the identified milestones and completion dates.

Regards,

Hermi

You can read about Monte Carlo Risk Analysis in Chris Hendrickson’s on-line book Project Management for Construction: Scheduling with Uncertain Durations

There are several discussions in the Schedule Risk and Schedule Risk Analysis forum regarding Monte Carlo.

Bernard Ertl
eTaskMaker Project Planning Software

Thank Benard

Hi
you can get the neccesary information by reading ’PMBOK’book (Project Management Body Of Knowledge)or visit the website of the project management institute at www.pmi.org.
Good Luck

Open Plan was capable of quick Monte Carlo simulations, and gave detailed information regarding our activities’ early and late dates