Monte Carlo or bust
Posted by APM on 9th Aug 2010
Budget over-run is simply a fact of life isn't it? Well, it is true that budget over-run is a frequent and common problem for large-scale and complex commercial engineering projects. However, during the crucial and high-risk determining stages of a project, how can the customer's requirements be scrutinised and challenged more intelligently in order to address, very often, completely unachievable and unrealistic engineering affordability targets which are often set even before the project has mobilised?
Monte Carlo or bustdiscussed how to tackle this challenge head-on and illustrated the potentially huge benefits of using logical and common-sense techniques in one of the founding but forgotten principles of project management; mathematical modelling.
The presentation can be downloaded below.