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2024 | OriginalPaper | Chapter

Monte Carlo Simulation for Project Risk Prioritisation

Authors : Fernando Acebes, David Curto, José Manuel González-Varona, Javier Pajares

Published in: Proceedings of the 17th International Conference on Industrial Engineering and Industrial Management (ICIEIM) – XXVII Congreso de Ingeniería de Organización (CIO2023)

Publisher: Springer Nature Switzerland

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Abstract

Qualitative project risk assessment is standard practice in project management and involves prioritising risks using a probability and impact matrix. Due to the shortcomings of using this tool for risk prioritisation (poor resolution, errors, suboptimal resource allocation or ambiguous inputs and outputs, among others), we propose a quantitative prioritisation of project risks in this article, analysing the impact of each risk on the project’s duration and cost objectives.

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Title: Monte Carlo Simulation for Project Risk Prioritisation
Authors: Fernando Acebes
David Curto
José Manuel González-Varona
Javier Pajares
Publisher: Springer Nature Switzerland
Book: Proceedings of the 17th International Conference on Industrial Engineering and Industrial Management (ICIEIM) – XXVII Congreso de Ingeniería de Organización (CIO2023)
Print ISBN: 978-3-031-57995-0

Electronic ISBN: 978-3-031-57996-7

Copyright Year: 2024
DOI: https://doi.org/10.1007/978-3-031-57996-7_78

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