Monte Carlo for Event Chain Methodology

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Strategy Table
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Monte Carlo for Event Chain Methodology

Post by Strategy Table » Mon Apr 09, 2007 11:47 am

I found information about Event chain methodology on Wikipedia. What is the difference between Monte Carlo simulations and Event chain Methodology?

Intaver Support
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Post by Intaver Support » Fri Apr 13, 2007 10:39 am

Monte Carlo simulation is used in Event chain methodology to perform analysis of project schedules.

Once events and event chains are defined, quantitative analysis using Monte Carlo simulation can be performed to quantify the cumulative impact of the events. Probabilities and impacts of risks are using as in input data for Monte Carlo simulation of the project schedule. In most real life projects, it is necessary to supplement the information regarding the uncertainties expressed as an event with distributions related to duration, start time, cost, and other parameters.
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