Monte Carlo simulations enable project managers to assess certain events such as the likelihood of a project’s completion date. This technique is very useful with Project Control and when managing large schedules with a lot of uncertainties.
With Planisware’s Monte Carlo capability:
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Create better risk management procedures
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Build more accurate forecasts
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Increase team confidence in your plan
Transcript
We look into risks and their impact on the project schedule.
Using the monte carlo simulation module, we determine the impact of these risks on the project's end date.
Using the monte carlo simulation module, we determine the impact of these risks on the project's end date.
Create better risk management procedures
Planisware helps organizations better understand and manage the risks associated with their projects and portfolios. The Monte Carlo method enables you to analyze risks systematically in all projects. This limits the variability due to project managers who are risk-averse or too optimistic, making results coherent independently of the project manager.
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Build more accurate forecasts
Planisware’s engine accommodates multiple scenarios. Thousands of simulations can take place in seconds to understand the probability of an outcome.
For example, with this simulation, it becomes possible to calculate the probability of hitting a certain project deadline.
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Increase team confidence in your plan
Teams can improve their decision-making process by understanding the risks and opportunities associated with their projects and portfolios. The results of Monte Carlo simulations are based on facts and analysis. Even though results are assumptions, you can have good confidence in them.
For example, with the tornado chart functionality, a project team can understand which activities will most likely drive the project's eventual critical path.
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How to get started?
Interested to learn how Monte Carlo Analysis works in action? Watch our demo of a construction company looking to accelerate its claims investigation.
Alternatively, contact our team to request a personalized demo.
