On Using Monte Carlo Simulations for Project Risk Management
Keyword(s):
This chapter covers the essentials of using the Monte Carlo Simulation technique (MSC) for project schedule and cost risk analysis. It offers a description of the steps involved in performing a Monte Carlo simulation and provides the basic probability and statistical concepts that MSC is based on. Further, a simple practical spreadsheet example goes through the steps presented before to show how MCS can be used in practice to assess the cost and duration risk of a project and ultimately to enable decision makers to improve the quality of their judgments.
2017 ◽
Vol 2670
(1)
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pp. 59-67
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Keyword(s):
1986 ◽
Vol 33
(7)
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pp. 1005-1011
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