The Project Assessment by Simulation Technique

Abstract:

Project uncertainty is present in many places including the estimates for activity durations, in the occurrence of unplanned or unforeseen events, and in the availability of critical resources. The impact can be project completion delays, increased costs, and decreased stakeholder benefit. The Project Assessment by Simulation Technique (PAST) enhances stakeholder visibility of project uncertainty, i.e., risk to project completion performance. In certain situations, this enhanced visibility may lead to improved project risk management and improved project completion performance. An engineering manager can use this article to gain insights into the PAST methodology, its use on a large complex project, and its potential benefits to project management.

Keywords::

• Project Management
• Discrete Event Simulation
• Monte Carlo
• Stochastic
• Uncertainty
• Risk