DocumentCode
2268995
Title
Risk management in projects: The Monte Carlo approach versus PERT
Author
Tysiak, Wolfgang
Author_Institution
Fac. of Bus. Adm., Univ. of Appl. Sci. Dortmund, Dortmund, Germany
Volume
2
fYear
2011
fDate
15-17 Sept. 2011
Firstpage
906
Lastpage
910
Abstract
One of the most popular techniques to handle insecurities and risks in project management is the well-known PERT approach. But this approach contains some disadvantages that are not always clearly visible at first sight. In this contribution we show how to overcome these disadvantages of the PERT approach by using Monte Carlo simulation.
Keywords
Monte Carlo methods; PERT; project management; risk management; Monte Carlo approach; PERT approach; project risk management; Correlation; Gaussian distribution; Monte Carlo methods; Planning; Project management; Risk management; Uncertainty; Excel; Monte Carlo simulation; PERT; risk management;
fLanguage
English
Publisher
ieee
Conference_Titel
Intelligent Data Acquisition and Advanced Computing Systems (IDAACS), 2011 IEEE 6th International Conference on
Conference_Location
Prague
Print_ISBN
978-1-4577-1426-9
Type
conf
DOI
10.1109/IDAACS.2011.6072904
Filename
6072904
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