Paper
Review on Monte Carlo Simulation Applications for Project Management
Published May 31, 2019 · M. Sharma
International Journal for Research in Applied Science and Engineering Technology
0
Citations
0
Influential Citations
Abstract
: Monte Carlo simulation may be a helpful technique for modeling and analyzing real-world systems and things. This paper may be a abstract paper that explores the applications of town simulation for managing project risks and uncertainties. the advantages of town simulation area unit victimization quantified information, permitting project managers to higher justify and communicate their arguments once senior management is pushing for unreasonable project expectations. correct risk management education, training, and advancements in computing technology combined with town simulation computer code permit project managers to implement the strategy simply. within the field of project management, town simulation will quantify the consequences of risk and uncertainty in project schedules and budgets, giving the project manager a applied mathematics indicator of project performance like target project completion date and budget.
Monte Carlo simulation effectively manages project risks and uncertainties, providing quantified information for project managers to justify and communicate their arguments.
Full text analysis coming soon...