We all struggle with the concept of uncertainty, but it does not deter us from trying from planning the unplannable. This webinar will focus on developing project teams with the ability to share and collaborate turning ambiguity from a deficit to a vehicle that allows your assignee's to produce added-value deliverables. We start this webinar by describing the current situation in how disjointed teams directly contribute to project failure. The effectiveness of a games model, through use of project-based simulation, is then characterized. The basis of this webinar is then illustrated through a number of situational real-life exercises performed. Lastly, we discuss the expectations of this approach, listing some of the lurking pitfalls of this method.
This Excel template is to be used in conjunction with the article Task Duration Estimation: A Simple Solution. Together, they can be used to conduct a Monte Carlo simulation. This will provide a statistically reliable method of estimating the minimum required time to schedule for any task so that its chance of success falls within a given confidence parameter.
UPDATED for 2023! This spreadsheet has worksheets showing the results of a Monte Carlo simulation on a sample project's work effort hours, and a companion estimate using Statistical PERT. This way, you can see how you can use just the built-in functions of Microsoft Excel to do probabilistic, risk-based estimation. Textbox comments have been added to the worksheets to aid in understanding. Use this in conjunction with the article Risk Management Starts Sooner Than You Think.
Situation: You need to take a fresh approach to estimating.Estimating tools are always interesting to understand because they reflect what their makers feel are the key inputs to the estimation proces ...
PMI has introduced a new suite of official preparation resources to support candidates preparing for the revised Project Management Professional (PMP)® exam, launching on 9 July 2026.
A low fidelity prototype is a paper simulation of the features of the software increment to be developed. Create a low fidelity prototype using paper-based design techniques and tools. This prototype...
Test the steps in the process, by simulating the processes. This is most effectively accomplished using an automated simulation tool. Ensure that all resources required to support each step have bee...
Part four of my taking-on-the-myths series will challenge our statistically minded segments: the risk managers. Myth 4: Using Monte Carlo simulations to generate contingency budgets or schedules ...
(Excerpt from my latest book)
Understanding is a topic in epistemology which is the study of knowledge. Don’t worry; I will keep the philosophy brief and to the point. Even though the study o ...
There are several disaster mitigation strategies that IT departments may choose to adopt:
Disaster planning. Disciplined organizations will plan for operational disasters. Potential disasters in ...
