Project Management : A Simulation Approach

Lim , Fung Chien (2010) Project Management : A Simulation Approach. Project Report. UTeM, Melaka, Malaysia. (Submitted)

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Abstract

Project schedule development with CPM (Critical Path Method) or PERT (Program Evaluation and Review Technique) are the two most common project scheduling tools being used by project management practitioners. The development of computer in the mid-1980s encouraged the use of project management by making CPM/PERT easily available as part of integrated software packages. CPM/PERT is not without problem. The deterministic nature of CPM model does not account for uncertainty. Although PERT is able to deal with uncertainty in activity times by using the three point estimate, but the estimate of activity times are somewhat subjective and rely solely on judgment. On the other hand, simulation is a powerful approach for investigation some scenarios that a management may take, unfortunately, it is not widely used yet in project management. Thus, this research is to investigate how simulation can be used to enhance management decisions associated with activities time duration and the estimation of the probability that an activity is in fact a critical activity that deserves the project management practitioner’s attention. It defines the related advantages and disadvantages, found in the literature and will be illustrated through a real life complex project.

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