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Monte Carlo for Schedule Analysis

Monte Carlo Simulation is a Quantitative Risk Management technique that helps you model the overall risk in a schedule. In this video we learn how MC can be used to analyze a simple 6 activity schedule. We learn how MC can be used to estimate the likelihood of completing a project with uncertain duration. For this MC Simulation I have used an excel sheet which you can download and use (https://drive.google.com/file/d/1RnTc.... Included in the excel sheet is an exercise that you can complete to analyze a simple four activity schedule. In real conditions with medium to large projects you will need to use @Risk or Oracle Risk for MC Simulation. But before using a professional tool it is useful to get a good feel for the calculations and to learn how to interpret the results of the simulations.