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.

1 comment:

Kenley William said...

The PMP Certification establishes a common language among project managers and helps each other work within a common framework. Once you have the PMP, you need to consider how you're applying the processes, tools, and techniques to projects. I took a training course for my preparation in and got ready for the exam on day 5!

Recommended Books on PMP

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)