Project Costing with Monte Carlo Simulated Probabilities

Using @RISK to quantify project contingency considering price and quantity variations and risk events.

Created by: Fernando Hernandez
Risk and Decision Analysis Consultant and Trainer

What Will I Learn?

• How to calculate probabilistic contingency using Monte Carlo simulation, considering all kinds of risks on any type of project. The objective is to demonstrate a number of basic and intermediate tools from @RISK that are relevant to current practices used in the world of project management. The goal is to show how @RISK tools can be used to represent quantitative – not qualitative – risk analysis.

Requirements

• Intermediate knowledge of Excel.

Target audience

• Project-related professionals and students: Project managers, cost estimators, cost engineers, project planners and schedulers.