Examining Simulation and Modeling for Projects
Project Simulation is a technique that uses computer models and estimates of risks to translate uncertainties at a detailed level into their potential impact on project objectives. For schedule development, simulation involves calculating multiple project durations with varying sets of assumptions regarding project initiatives.
Project Simulation involves calculating multiple project durations with different sets of activity assumptions. A Project simulation uses a model that translates project uncertainties into their potential impact on project objectives.
The Project model is created many times with different variables to calculate a probability distribution.
You are planning a multimedia campaign for a client. Your team is divided as to which printing contactor to use. Printer A handles similar projects for you in the past. However, they are poorly staffed and turn around time can be slow.
Printer B is a large company with modern equipment and a fast turnaround time. However, their remote location will at least a day for each shipment of the product.
Your team simulates the two project activities using each of the printers. Your simulation takes into account factors such as previous turnaround time for similar projects, realistic shipping times and maximum production capabilities. Based on the project simulation, you decide to stick to Printer A.
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