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Monte-Carlo based risk management in complex projects – improvement of decision-making

  • 29. April 2024

Männliche Hand schreibt mathematische Formeln auf unscharfem Hintergrund. Wissenschaft und Algebra Konzept. Doppelbelichtung

Overcoming complex challenges on a technical and non-technical level is now a daily task in many projects. Complex aspects often have to be included in the decision-making process in order to achieve project goals.

Monte-Carlo (MC) based risk management (MC risk management) offers the opportunity to take projects a decisive step forward. It provides to all decision-makers of a project a data-based decision-making methodology, which quantifies project assumptions and related uncertainties and models their effects within the complex interplay of project influences and finally results in a transparent presentation of the project consequences which thus forms the base for an objective decision making.

In our white paper „Monte-Carlo-Risikomanagement“, the methodology of MC risk management is explained using the example of project scheduling and project duration. Here, we discuss the interplay of uncertainties and the increasing non-linearity in real projects and their effect on the project duration, i.e. on the (deadline) critical project path.

We are happy to help you grasp complexity within your projects and develop solutions for your situation!