Online Course on Project Cost and Schedule Risk Simulation
Online Course on Project Cost and Schedule Risk Simulation
01 Sep 2020
R 7324.70
Brief Description
Numerical Simulation has become a valuable tool in many engineering and management disciplines to improve decision making under uncertainty. The availability of desktop and laptop computers and Microsoft Excel enables the manager to apply simulation methods and tools that were not possible a decade or two ago.
Being unique ventures, all projects involve uncertainty. Complex projects have uncertainty in cost, time and the quality of deliverable. Project and risk managers focus efforts on monitoring and managing cost and schedule risk in projects. Several tools and techniques are available for control of projects performance. Monte Carlo Simulation (MCS) is one such technique that is useful for the project and risk manager to monitor the effect of risk on the cost and schedule of a project. An initial simulation model can be run multiple times during a project execution and the 80% or 90% certainty values for cost and duration can be determined and plotted on a time scale chart. Such charts can be used to study trends during execution and to make timely interventions if the forecasted cost exceeds the budget or the forecasted duration exceeds the planned duration for the project.
This short course provides the learner with the necessary background and theory to develop MCS models in Excel with or without add-in simulation software. Many examples are provided in the course for cost, schedule and IRR simulation.
Delegates will learn how a numerical simulation can be applied in various functional areas of the business enterprise and specifically in projects. This online course explains how to develop a simulation model in Excel and execute the model with or without simulation add-ins like @Risk or SimVoi.
Learning Outcomes
On completion of this course candidates will be able to:
• Develop and apply an MCS model for cost risk, using MS Excel and applicable simulation add-ins
• Develop and apply an MCS model for project schedule risk, using MS Excel 
• Develop and apply an MCS model for NPV and IIR for a project, using MS Excel
Course Content
This course coves the following aspects:
  Introduction to simulation
•Probability and distributions
• Risk Management
• Fundamentals of simulation
• Cost risk simulation
• Schedule risk simulation
• NPV and IRR risk simulation
Entry Requirements
Gr 12 and attendance and successful completion of a course in Project Management
Course Number:
Catalogue and Category:
Project and Risk Management
Who Should attend:
Operations Managers; Project managers, Risk managers, Engineering managers, Professional scientists; Technical Managers.
Delivery Mode:
Contact Days:
Total Notional Hours:
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