This forum includes discussion about project risk analysis and risk management theory: Monte Carlo simulations, Event Chain Methodology, schedule and cost risk analysis. Please submit questions and case studies about your experience with our project risk analysis software.
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Can the Software do a PERT analysis on a lengthy construction program, imported from MS Projects.
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RiskyProject a performs Monte Carlo simulation, which is a more advanced and accurate risk quantification method than PERT and has largely superseded it, especially on larger and more complex schedules. PERT (Program Evaluation and Review Technique) uses weighted averages based on ranged estimate for task duration and was developed in the 1950s to assist in the schedule analysis used in the aerospace programs.
Monte Carlo technique became more popular with the introduction of powerful computer software and hardware that could efficiently handle the brute force computing required to calculate what are thousands of copies of the same project using varying probability on each activity that result improved analysis of schedule outcomes. For large, complex projects, risk analysis should be performed using Monte Carlo is circumstances permit.
RiskyProject comes with an Addin to MS Project that improves integration.
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