13 Aug Review the Monte Carlo Analysis method presented in Chapter 15 in Practical Project Risk Management. ?Then, determine whether you would recommend to a project manager the ?use of thi
Week 6 Discussion – Advanced Risks Tools
9 Unread replies9 Replies
Please respond to the following:
- Review the Monte Carlo Analysis method presented in Chapter 15 in Practical Project Risk Management. Then, determine whether you would recommend to a project manager the use of this methodology for a large, complex project. Include an example to support your response. If you would not recommend the use of a method such as Monte Carlo, explain what you would recommend as an alternative tool that would allow the project manager to make informed decisions. Provide a rationale for your recommendation.
Be sure to respond to at least one of your classmates' posts.
Respond to student below
Angel Thyagarajan
Yesterday Aug 10 at 1:52pm
I would recommend using Monte Carlo Simulation for large complex projects. These algorithms build extremely accurate variations or probability of the data and it can be a great assistance for extreme uncertain situations. This algorithm is tested using different input variables and can provide a large number of possible outcomes.
Risks are based on the probability of different occurrence, functions and the extent of the damage. Monte simulations delivers a reliable results based on the quantification of the risks through a large number of random experiments. It includes the dependencies between the risks into the account and it results ranges widely (1).
This Monte Carlo tool for risk management allows to carry analysis of overall risk situation and assists with the targeted query of risk information. It assists with mapping the risk management process to risk analysis and are able to provide information for the management to make appropriate decisions.
For example, to get the distance between the home and office is mostly fixed but the probability using Monte Carlo simulation might predict different travel times by considering different factors such as congestion, bad weather, and vehicle breakdowns(2).
Sources:
- “Monte Carlo”, NA. What is a Monte-Carlo simulation?. https://www.gbtec.com/resources/monte-carlo-simulation/
- Links to an external site.
- “AWS Monte Carlo”, NA. What Is The Monte Carlo Simulation?. https://aws.amazon.com/what-is/monte-carlo-simulation/#:~:text=The%20Monte%20Carlo%20simulation%20is%20a%20probabilistic%20model%20that%20can,home%20and%20office%20is%20fixed
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Wridemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.