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Unformatted text preview: eview technique (PERT).
◦ Monte Carlo simulation.
◦ Artificial intelligence techniques, e.g., fuzzy models,
◦ etc. Dr. Maged Ezzat Georgy Monte Carlo Simulation Simulation…
The word “simulation” implies an imitation of reality.
Simulation techniques can be used to imitate a
project behavior based on given circumstances.
In terms of project risks, a simulation is employed to
better understand the project performance under the
risks it might encounter. Dr. Maged Ezzat Georgy Simulation…
It creates imaginary scenarios of the project with
different combinations of activity durations and costs
(to reflect different levels of risk impact). Dr. Maged Ezzat Georgy What
What it Does…
Let us simplify the network and consider a project of
only 3 consecutive activities (A, B and C). We can create a possible scenario via selecting
possible durations from the given ranges (taking into
consideration the chances/probabilities). Dr. Maged Ezzat Georgy What it Does…
If the selected durations for activities (A, B and C) for
our first scenario were 2, 7 and 3 days respective...
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- Winter '14