Application of Monte Carlo Simulation in Project Management – Part I: Introduction

This is Part I of my blog on Application of Monte Carlo Simulation Method/Technique in Project Management series. In Part I (this article), I will provide you a very high level overview of the method, identify a few of its drawbacks, and list a few tools currently available in the market in this space. In Part II, I’ll try to apply the method in one specific area of Project Management – uncertainty analysis of project cost estimation. I’ll do so using a widely used productivity tool, MS Excel.

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Contingencies to Address Project Uncertainties

Uncertainty is an inevitable and integral part of even simplest of all projects. Let’s discuss about the Project Plan. A Project Plan is developed usually at the early stage of a project life cycle based on a number of facts and a set of relevant assumptions.