Project Management

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Quantitative Risk Analysis for Project Management

In this article we are going to discuss using Monte Carlo simulation to perform quantitative risk analysis for project management.  The three primary risks to a project are schedule, financial, and technical.  Two of these three risks readily lend themselves to be quantified with Monte Carlo simulation: schedule risk and financial risk. If you’re unfamiliar …

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Project Risk Analysis - Hanging Climber

Qualitative vs. Quantitative Project Risk Analysis – What’s the Difference?

As part of risk management, a project risk analysis is performed to assess the impact of risks and the probability of the risk occurrence.  In this article we will look at the differences between qualitative and quantitative project risk analysis. To see how project risk analysis fits within risk management, please refer to this article. …

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Project Critical Path Analysis Using Simulation

Project critical path analysis can be performed using Monte Carlo simulation as a way to determine project completion time probabilities.  In this article, we will create a network diagram in Excel and a table to perform necessary logic operations. We will assume that each task follows the PERT distribution (also called Beta-PERT).  Using past experience, …

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