Project Risk Analysis Using Simulation Of Activity Networks: Is It Valid, Practical, And Teachable?

J. Rene van Dorp, Michael R. Duffey
1998 Annual Conference Proceedings   unpublished
Recently, simulation-based methods for cost/schedule risk analysis using activity networks have begun to be used by some front-running companies in manufacturing, construction, power and other industries which require internal approval and/or external bidding for multi-million dollar projects. Interest in these methods is largely due to their availability as extensions to commercial project management software and cheaper/faster hardware capable of running the simulations in a timely manner.
more » ... a timely manner. However, there is still skepticism among engineering managers regarding their validity and practical difficulties of model construction and data gathering. This paper presents some issues regarding development, use, and application of cost/schedule risk analysis software, and discusses related pedagogical concerns. Is It Valid?
doi:10.18260/1-2--7369 fatcat:baywonm4jrgvxa2agv3wo5hjym