Wednesday, March 04, 2009

Analysis for Project Completion Date








Here's nice application of Monte Carlo techniques for estimating the project schedule completion date. ...

... "To use the Monte Carlo analysis, instead of just one estimate of duration for an activity, we create three. First, we estimate the most likely duration, and then we estimate the worst case and the best case. " ...


Via TechRepublic: Use Monte Carlo analysis for projects

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posted by Frank M @ 7:24 PM, Read More...  
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1 Comments:

At 5:51 AM, Anonymous Anonymous said...

That's not exactly a Monte Carlo simulation but a "What If" scenario analysis.
Please have a look at http://en.wikipedia.org/wiki/Monte_Carlo_method#Monte_Carlo_Simulation_versus_.E2.80.9CWhat_If.E2.80.9D_Scenarios

 

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