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
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;
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
DOI :
10.1109/IDAACS.2011.6072904
