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Due to increasing demand for software project managers in industry, efforts are needed to develop the management-related knowledge and skills of the current and future software workforce. In particular, university education needs to provide to their computer science students not only technology-related skills but, in addition, a basic understanding of typical phenomena occurring in industrial (and academic) software projects. This paper presents a controlled experiment that evaluates the effectiveness of using a process simulation model for university education in software project management. The experiment uses a pre-test-post-test control group design with random assignment of computer science students. The treatment of the experimental group involves a System Dynamics simulation model. The treatment of the control group involves a conventional predictive model for project planning, i.e. the well-known COCOMO model. In addition to the presentation of the results of the empirical study, the paper discusses limitations and threats to validity. Proposals for modifications of the experimental design and the treatments are made for future replications.