Project Management

Home / Discussions / Project Management Central /

Monte Carlo simulation

Quality Schedule Management Scheduling

Thomas Gilpin Project Manager| WVU School of Public Health Morgantown, Wv, United States

Is there value (is it possible?) in applying this technique in an on-going basis after the project is live and the project schedule is being updated with actual dates and % complete? My impression is that this is used in schedule development - am not sure how to do this with a combination of critical path and actual data.

Thoughts? References??

Posted: May 25, 2018 2:20 PM

Sort By:

Andrey Volodin Student| nill Russian Federation

Monte Carlo will always make sense to apply, in my opinion, for modelling of something.

Posted: May 25, 2018 3:37 PM (Updated by author: May 25, 2018 3:37 PM)

João Paulo Tinoco DSc| Dataprev Rio De Janeiro, Rj, Brazil

If you have built your model to develop the schedule it will be easier and valuable to use it "in an on-going basis". With the results of the work completed you can adjust your parameters for the remaining taks and get better overall estimatives.

Posted: May 25, 2018 4:34 PM (Updated by author: May 25, 2018 4:34 PM)

Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada

Thomas -

It can still be useful whenever you are looking at a significant change to the project resulting from a scope increase or other influence.

Kiron

Posted: May 25, 2018 4:57 PM

Kevin Drake Perth, Western Australia, Australia

Any major change during the project or deliverables, it is worth always to use Monte Carlo

Posted: May 25, 2018 6:01 PM

Rami Kaibni

Community Champion

Senior Projects Manager | Field & Marten Associates New Westminster, British Columbia, Canada

I agree with the guys here. Monte Carlo is always useful.

Posted: May 25, 2018 6:43 PM

Nagaraju Kothuri AVP| Standard Chartered Global Business Services Pvt., Ltd., Chennai, Tamilnadu, India

Monte Carlo can be used always with the ongoing changes to get better results.

Posted: May 25, 2018 10:30 PM

Sante Delle-Vergini, PhD Senior Project Manager| Infosys Melbourne, Victoria, Australia

And if you want to test various scenarios.

Posted: May 26, 2018 2:30 AM

Sriharsha Bheemaraju Bangalore, India

Monte Carlo Simulation is expected to be run in live, this helps you in predicting status and tackling the risks.

Posted: May 26, 2018 4:14 AM

Sergio Luis Conte Helping to create solutions for everyone| Worldwide based Organizations Buenos Aires, Argentina

Just to add some comment, if you will use it along the time of the project depending on some situations you have to pay attention about some of the activities or group of activities have changed the type of probabilistic distribution. While in theory the Normal Distribution can be used is not right that all the artivities/group of activities can be described by it and that can make a distortion.

Posted: May 26, 2018 7:10 AM

Please login or join to reply

Monte Carlo simulation

Sponsors

Vendor Events

Guessing is not a strategy: How to build decision velocity with AI and real-time data

Newsletters