Sunday, January 20, 2008

Simulation in PMP

Simulation is a technique that uses computer models and estimates of risk to translate uncertainties at a detailed level into their potential impact on project objectives.

The techniques includes:
  • Monte Carlo Analysis
    - uses Three-Point Estimates for variables in the model.
    - simulates various outcomes of the project schedule to provide statistical distribution of the calculated results.

  • What-If Analysis
    - uses the project's logic network to assess the feasibility of the schedule under adverse conditions.
    - can also used to mitigate the impact of unexpected simulations when preparing the risk response plan.

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Suggested Study Materials

  • PMP-Preparation Recommended Books
  • PMP Exam Prep, Fifth Edition: Rita's Course in a Book for Passing the PMP Exam
  • A Guide to the Project Management Body of Knowledge, Third Edition (PMBOK Guides)
  • The PMP Exam: How to Pass On Your First Try (Test Prep series)