CHAPTER 16
What Is Project Risk?
Monte Carlo Method
One of the fundamental questions of project management is “What will the duration and cost of the project be, given the multiple risks and uncertainties?” Monte Carlo analysis can help to answer these and other questions. This form of analysis is a straightforward approach for dealing with complex sets of project uncertainties. However, Monte Carlo analyses have a number of limitations that are related to how we identify and interpret uncertainties.
How Much Will It Really Cost?
East Side Access is a project under construction in New York, which will extend the Long Island Rail Road (LIRR) from its Main Line in Queens (figure 16-1) into a new station under Grand Central Terminal on Manhattan’s ...
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