Schedule risk analysis with RiskyProject: How many Monte Carlo iterations are required?
This video tackles a common question that we get from users of our schedule risk analysis software RiskyProject. How may iterations do you need to do in Monte Carlo schedule risk analysis to get accurate results?
In fact many users believe that they are required to run 1000s of iterations during the Monte Carlo simulation to ensure the quality of their schedule and cost risk analysis. Depending on the size and complexity of the project, number of resources, costs, risks, etc, this can take a lot of time and computer resources.
As we shall see, using a simple example and examining common statistical measures, users do not need to run as many iterations for Monte Carlo schedule risk analysis as common believed to calculate valid results. Moreover, the video will show that perhaps, concerns about how the number of iterations impacts the validity of the results is misplaced and really the greater emphasis should be placed on ensuring the quality and accuracy of the input data as this has a larger potential to negatively impact the risk analysis than the number of iterations.
About Intaver Institute:
Intaver Institute Inc. develops project risk management and project risk analysis software. Intaver's flagship product is RiskyProject: project risk management software. RiskyProject integrates with Microsoft Project, Oracle Primavera, other project management software or can run standalone. RiskyProject comes in three configurations: RiskyProject Lite, RiskyProject Professional, and RiskyProject Enterprise.
intaver.com/
About Intaver Institute:
Intaver Institute Inc. develops project risk management and project risk analysis software. Intaver's flagship product is RiskyProject: project risk management software. RiskyProject integrates with Microsoft Project, Oracle Primavera, other project management software or can run standalone. RiskyProject comes in three configurations: RiskyProject Lite, RiskyProject Professional, and RiskyProject Enterprise.
www.intaver.com
In fact many users believe that they are required to run 1000s of iterations during the Monte Carlo simulation to ensure the quality of their schedule and cost risk analysis. Depending on the size and complexity of the project, number of resources, costs, risks, etc, this can take a lot of time and computer resources.
As we shall see, using a simple example and examining common statistical measures, users do not need to run as many iterations for Monte Carlo schedule risk analysis as common believed to calculate valid results. Moreover, the video will show that perhaps, concerns about how the number of iterations impacts the validity of the results is misplaced and really the greater emphasis should be placed on ensuring the quality and accuracy of the input data as this has a larger potential to negatively impact the risk analysis than the number of iterations.
About Intaver Institute:
Intaver Institute Inc. develops project risk management and project risk analysis software. Intaver's flagship product is RiskyProject: project risk management software. RiskyProject integrates with Microsoft Project, Oracle Primavera, other project management software or can run standalone. RiskyProject comes in three configurations: RiskyProject Lite, RiskyProject Professional, and RiskyProject Enterprise.
intaver.com/
About Intaver Institute:
Intaver Institute Inc. develops project risk management and project risk analysis software. Intaver's flagship product is RiskyProject: project risk management software. RiskyProject integrates with Microsoft Project, Oracle Primavera, other project management software or can run standalone. RiskyProject comes in three configurations: RiskyProject Lite, RiskyProject Professional, and RiskyProject Enterprise.
www.intaver.com