Title :
Risk management in projects: Variation of parameters in the critical field
Author_Institution :
University of Applied Sciences Dortmund, Faculty of Business Administration, Emil-Figge-Straß
Abstract :
If there are insecurities in the scheduling process of a project, the planning process becomes more complicated than in the deterministic case. In this contribution we want to show that the Monte Carlo approach not only provides the better results than the popular PERT approach, because the latter systematically underestimates the real risk, but in addition to that the Monte Carlo approach provides much deeper insights into the structure of the project than PERT.
Keywords :
"Monte Carlo methods","Risk management","Stochastic processes","Project management","Planning","Uncertainty","Robustness"
Conference_Titel :
Intelligent Data Acquisition and Advanced Computing Systems: Technology and Applications (IDAACS), 2015 IEEE 8th International Conference on
Print_ISBN :
978-1-4673-8359-2
DOI :
10.1109/IDAACS.2015.7341362
