A technique that iterates the project schedule many times to calculate a distribution of possible project completion dates is:2 MarksMonte Carlo AnalysisMontford analysisPareto Cost chartDeming Analysis
Question
A technique that iterates the project schedule many times to calculate a distribution of possible project completion dates is:2 MarksMonte Carlo AnalysisMontford analysisPareto Cost chartDeming Analysis
Solution
The correct answer is Monte Carlo Analysis. This technique uses probability distributions and statistical sampling to compute and simulate different possible outcomes of a project, and their probabilities. It is often used in risk analysis. Here are the steps:
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Define a model: Identify the key factors that influence the project schedule, such as task durations, resource availability, and project risks.
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Specify probability distributions: For each factor, specify a probability distribution that represents your uncertainty about its true value.
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Generate inputs: Use a random number generator to produce a set of inputs, based on the specified probability distributions.
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Compute outputs: Use the model to compute the project completion date for the generated inputs.
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Repeat steps 3 and 4 many times: This will give you a distribution of possible project completion dates.
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Analyze the results: Use statistical analysis to interpret the results and make informed decisions about the project schedule.
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