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.