When will my project be finished? If you asked yourself that question your answer would probably be in the form of “around the end of July” or “between June and September.” In other words, it would not be a precise date.
Yet traditional project management systems make precise deterministic projections of the project finish date, as well as cost, which everyone know will be wrong. One way to get more realistic, probabilistic estimates is Project Simulation using Monte Carlo techniques.
Project Simulation simulates the execution of your project thousands of times, each time using a different set of task durations sampled from probability distributions representing the uncertainty associated with the estimates.
From this process it is possible to build up a probabilistic picture of the likely project outcomes, including the cost, the completion date and all intermediate dates and floats.
Full Monte does this Project Simulation using your existing project network in Microsoft Project. This helps you produce more realistic — and therefore more achievable — schedules, enhancing your chance of project success.
To learn more about Project Simulation and our products, please contact us at 281-971-9825.