Construction engineering and project management III: monte carlo simulation for schedule risks

Authors:
Brenda McCabe
Affiliations:
University of Toronto, Toronto, Canada
Venue:
Proceedings of the 35th conference on Winter simulation: driving innovation
Year:
2003

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Abstract

Research was undertaken to assist practitioners in undertaking Monte Carlo simulation of project schedules. A probabilistic model was developed to translate project characteristics into schedule risk boundaries. This model has been tested in several projects and performed very well. Lessons learned during the application of Monte Carlo simulation to a large project are discussed.