Application of monte carlo simulation in project completion time

Ange Lionel Toba; Sarah Bouazzaoui

Application of monte carlo simulation in project completion time

Ange Lionel Toba
, Sarah Bouazzaoui

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

Abstract

Program management strives to develop a range of programs which fulfill the set objectives of an organizational entity, namely cost benefits, risk reduction, and resilience. Project activities sequencing, and completion time are thus important factors which need to be carefully planned, in order to achieve those specific objectives and enhance management credibility. This paper presents a tool designed through Matlab®, using the Critical Path Method (CPM) and Monte Carlo Simulation (MCS), which mirrors the aspects of uncertainty, attached to the activities' management and increase the accuracy in the estimation of the project completion time.

Original language	English
Title of host publication	39th International Annual Conference of the American Society for Engineering Management, ASEM 2018
Subtitle of host publication	Bridging the Gap Between Engineering and Business
Publisher	American Society for Engineering Management
Pages	42-49
Number of pages	8
ISBN (Electronic)	9781510874640
State	Published - 2018
Externally published	Yes
Event	39th International Annual Conference of the American Society for Engineering Management: Bridging the Gap Between Engineering and Business, ASEM 2018 - Coeur d�Alene, United States Duration: Oct 17 2018 → Oct 20 2018

Publication series

Name	39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business

Conference

Conference	39th International Annual Conference of the American Society for Engineering Management: Bridging the Gap Between Engineering and Business, ASEM 2018
Country/Territory	United States
City	Coeur d�Alene
Period	10/17/18 → 10/20/18

Keywords

Critical Path Method
Monte Carlo Simulation
Project management
Risk analysis

Cite this

Toba, A. L., & Bouazzaoui, S. (2018). Application of monte carlo simulation in project completion time. In 39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business (pp. 42-49). (39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business). American Society for Engineering Management.

Toba, Ange Lionel ; Bouazzaoui, Sarah. / Application of monte carlo simulation in project completion time. 39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business. American Society for Engineering Management, 2018. pp. 42-49 (39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business).

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title = "Application of monte carlo simulation in project completion time",

abstract = "Program management strives to develop a range of programs which fulfill the set objectives of an organizational entity, namely cost benefits, risk reduction, and resilience. Project activities sequencing, and completion time are thus important factors which need to be carefully planned, in order to achieve those specific objectives and enhance management credibility. This paper presents a tool designed through Matlab{\textregistered}, using the Critical Path Method (CPM) and Monte Carlo Simulation (MCS), which mirrors the aspects of uncertainty, attached to the activities' management and increase the accuracy in the estimation of the project completion time.",

keywords = "Critical Path Method, Monte Carlo Simulation, Project management, Risk analysis",

author = "Toba, \{Ange Lionel\} and Sarah Bouazzaoui",

note = "Publisher Copyright: {\textcopyright} Copyright{\textcopyright} (2018) by American Society for Engineering Management (ASEM). All rights reserved.; 39th International Annual Conference of the American Society for Engineering Management: Bridging the Gap Between Engineering and Business, ASEM 2018 ; Conference date: 17-10-2018 Through 20-10-2018",

year = "2018",

language = "English",

series = "39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business",

publisher = "American Society for Engineering Management",

pages = "42--49",

booktitle = "39th International Annual Conference of the American Society for Engineering Management, ASEM 2018",

}

Toba, AL & Bouazzaoui, S 2018, Application of monte carlo simulation in project completion time. in 39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business. 39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business, American Society for Engineering Management, pp. 42-49, 39th International Annual Conference of the American Society for Engineering Management: Bridging the Gap Between Engineering and Business, ASEM 2018, Coeur d�Alene, United States, 10/17/18.

Application of monte carlo simulation in project completion time. / Toba, Ange Lionel; Bouazzaoui, Sarah.
39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business. American Society for Engineering Management, 2018. p. 42-49 (39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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AU - Toba, Ange Lionel

AU - Bouazzaoui, Sarah

PY - 2018

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N2 - Program management strives to develop a range of programs which fulfill the set objectives of an organizational entity, namely cost benefits, risk reduction, and resilience. Project activities sequencing, and completion time are thus important factors which need to be carefully planned, in order to achieve those specific objectives and enhance management credibility. This paper presents a tool designed through Matlab®, using the Critical Path Method (CPM) and Monte Carlo Simulation (MCS), which mirrors the aspects of uncertainty, attached to the activities' management and increase the accuracy in the estimation of the project completion time.

AB - Program management strives to develop a range of programs which fulfill the set objectives of an organizational entity, namely cost benefits, risk reduction, and resilience. Project activities sequencing, and completion time are thus important factors which need to be carefully planned, in order to achieve those specific objectives and enhance management credibility. This paper presents a tool designed through Matlab®, using the Critical Path Method (CPM) and Monte Carlo Simulation (MCS), which mirrors the aspects of uncertainty, attached to the activities' management and increase the accuracy in the estimation of the project completion time.

KW - Critical Path Method

KW - Monte Carlo Simulation

KW - Project management

KW - Risk analysis

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T3 - 39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business

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BT - 39th International Annual Conference of the American Society for Engineering Management, ASEM 2018

PB - American Society for Engineering Management

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Y2 - 17 October 2018 through 20 October 2018

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Toba AL, Bouazzaoui S. Application of monte carlo simulation in project completion time. In 39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business. American Society for Engineering Management. 2018. p. 42-49. (39th International Annual Conference of the American Society for Engineering Management, ASEM 2018: Bridging the Gap Between Engineering and Business).

Application of monte carlo simulation in project completion time

Abstract

Publication series

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Keywords

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