Review on Monte Carlo Simulation Applications for Project Management

Manoj Sharma
2019 International Journal for Research in Applied Science and Engineering Technology  
Monte Carlo simulation may be a helpful technique for modeling and analyzing real-world systems and things. This paper may be a abstract paper that explores the applications of town simulation for managing project risks and uncertainties. the advantages of town simulation area unit victimization quantified information, permitting project managers to higher justify and communicate their arguments once senior management is pushing for unreasonable project expectations. correct risk management
more » ... risk management education, training, and advancements in computing technology combined with town simulation computer code permit project managers to implement the strategy simply. within the field of project management, town simulation will quantify the consequences of risk and uncertainty in project schedules and budgets, giving the project manager a applied mathematics indicator of project performance like target project completion date and budget. Keywords: Monte Carlo simulation, project management, risk analysis and management, exploratory study. I.
doi:10.22214/ijraset.2019.5493 fatcat:yqaf74b5hvhqtn3rnfrf774osi