Applications of Monte Carlo Methods in Project Risk Management
THIS CHAPTER EXAMINES UNCERTAINTY objects taken into account typically as inputs to probabilistic cost and schedule models. The major features of standard probabilistic cost and schedule risk analysis techniques are outlined. Some advanced modeling techniques are also introduced that might be regarded as either exotic or too complicated by some readers. Their application is a must in specific situations to adequately reflect reality in models. It is important to be aware of such techniques in the risk management toolbox.
FEATURES, VALUE, AND POWER OF MONTE CARLO METHODS
In the course of project development ...