Project Costing with Monte Carlo Simulated Probabilities
Using @RISK to quantify project contingency considering price and quantity variations and risk events.
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What You Will Learn!
- How to calculate probabilistic contingency using Monte Carlo simulation, considering all kinds of risks on any type of project. The objective is to demonstrate a number of basic and intermediate tools from @RISK that are relevant to current practices used in the world of project management. The goal is to show how @RISK tools can be used to represent quantitative – not qualitative – risk analysis.
Description
We present here an integrated business case for calculating a simplified project cost estimation. An integrated case for calculating a simplified project cost and its probabilistic contingency reserve estimation. Quantification of price and quantity risk as well as event risks. The objective of presenting this example is to demonstrate a number of basic and intermediate tools from @RISK that are relevant to current practices used in the world of project management. The goal is to show how @RISK tools can be used to represent quantitative – not qualitative – risk analysis.
Who Should Attend!
- Project-related professionals and students: Project managers, cost estimators, cost engineers, project planners and schedulers.
Tags
- Project Cost Management
- Project Risk Management
Subscribers
142
Lectures
24
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