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Topics: PMO, Portfolio Management, Risk Management
Do you use the Monte Carlo experiments to help you with project management?
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If so do you use it via an application that has this feature built in or do you build your own models using Excel? Also, what are you using this for and how frequently do you use? I have posted a poll on this get an idea of how many people might use it and how often.

I am trying to get an understanding of people awareness and use of Monte Carlo methods. I have created and used experiments for estimating, which I have found helpful.

Any insights into how people have used this, issues and benefits would be greatly appreciated.
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Apart from coming across it in the preparation materials for PMP exam, I have never come across a practical application for this. Would be interested in knowing how it is used.
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yes, I hv used Monte carlo simulation for estimating the effort for subprocesses in SDLC.
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Mark -

There was a good article I'd read a year or so back which challenged the use of MC in project contexts as no two projects are the same and you only execute a given project once.

Having said that, I have used an estimating tool (QSM) a long time ago which leveraged MC as part of its model.

Kiron
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1 reply by Mark Steward
Jan 16, 2019 6:28 PM
Mark Steward
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Thanks, Kiron

Given the uniqueness of projects and/or experiments, I found I have to build/modify the Excel model to suit each case, which makes it very time consuming, and therefore limits its practicality.
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It may be used for project management. But there are other estimation tools as well.
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Jan 16, 2019 7:49 AM
Replying to Kiron Bondale
...
Mark -

There was a good article I'd read a year or so back which challenged the use of MC in project contexts as no two projects are the same and you only execute a given project once.

Having said that, I have used an estimating tool (QSM) a long time ago which leveraged MC as part of its model.

Kiron
Thanks, Kiron

Given the uniqueness of projects and/or experiments, I found I have to build/modify the Excel model to suit each case, which makes it very time consuming, and therefore limits its practicality.
Network:345



Thanks for the comments,

FYI SEER by Galorath was an estimation tool that I had some exposure to, not so long ago, which used MC to determine the probability of schedule delivery based on the estimate.
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Mark,

I have use Monte-Carlo Simulation on many projects both fro proposal and during execution. Simulations were on the schedule and on the cost.
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In our side it's rarely used!!

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