Simulations are performed in an attempt to predict aspects of a particular system's behavior by creating a model of it. As a project manager, you can use simulation to estimate the range of possible outcomes for a project.
The most commonly used form of simulation on a project is schedule simulation. Schedule simulation reveals the risks of various schedule alternatives. This process allows project managers to examine different scenarios without costing their companies extra time and money. Simulating project schedules has other advantages, as well as some disadvantages.
Advantages of schedule simulation
- simple to use
- uses "what if" strategies
- versatile—can be used on large, complex projects
- produces fairly accurate predictions
- saves money on testing
- difficult to incorporate in overall project
- probabilities may be biased
The Monte Carlo Analysis is the most frequently used tool for simulation. It runs various pseudo-situations and determines the likelihood of their occurrence. Project managers can use tools like the Monte Carlo Analysis to determine the feasibility of their projects.
Monte Carlo Analysis performs project tasks numerous times. The result of this process is a "probability distribution" for the time required to accomplish a given task.
Monte Carlo Analysis can show a project's dependencies by graphically displaying the various paths each project activity can take. This is especially useful on larger projects since simple network diagrams can get very complicated and busy.
Once the range of project outcomes has been identified, the Monte Carlo Analysis can show the probability of each outcome occurring. This is beneficial because it allows the project team to choose the desired outcome.
When a project manager is developing a project schedule, one of the most important outputs of Monte Carlo Analysis is probability distribution. The probability distribution gives the project manager an estimate of how long the activity will take and a probability of the estimate being correct.
Another type of analysis is a what-if analyses. What-if analyses use logic to simulate different scenarios. Using adverse conditions, the what-if analyses assess the viability of a schedule. They may also be used to overcome or lessen the effects of unforeseen situations.
Today, software packages have been designed to run what-if analyses. The software generates a duplicate project database where it inserts the changed or adverse conditions and then runs the simulation. It compares the old information against the new information and adjusts the results accordingly.
Jacob Computer Systems ran a what-if analysis based on the delay of a small but important system component to check the feasibility of its project schedule.
Starlite Financial Group introduced an employee strike into its what-if analysis. This will help the company prepare a response plan to lessen the impact of a strike.
A key point to keep in mind, when deciding whether or not to use a simulation process, is that it can save your company valuable time and augments the efficiency of your project schedule.
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Tag: PM206A53. Let me share all of you about #5 Tips for Project Management Success,, I hope you enjoy it
1. Plan your day using time management techniques
As a project manager, time management skills are essential because you are dealing with a wide range of tasks that demand a quick turnaround time. Planning your day will go a long way in keeping you organized and increasing your productivity. Assist your task planning by using project management software which helps you track the work of you and your team.
If you are not very tech savvy, a simple to-do list can also be a great organizational tool. Prioritize your most important tasks by putting them at the top of the list and less important ones at the bottom. Having a visual plan of your daily tasks helps to keep you on track and aware of time.
Related post: Free ebook 104 secrets to become a great project manager
2. Include stakeholders in important project conversations
While you will have plenty of responsibilities regarding the project, don’t neglect your clients.
Good communication is essential is keeping both parties informed of project progression, curtailing scope creep, and apprised of changing requirements. Some clients may have different expectations when it comes to communication, so make sure to establish the frequency and type of communication (like emails, phone calls, and face-to-face conversations) at the beginning of your project.
Establishing communication expectations early helps alleviate stakeholder uncertainty about communication frequency and delivery.
3. Regularly communicate with your team
Daily team communication helps keep misunderstandings and unclear requirements under control. Keeping your team informed in every step of the project is essential to project management success.
For example, a study published by Procedia Technology found that good communication skills were the cornerstone of project management. The study examined over 300 “construction project managers, architects, construction managers, engineers and quantity surveyors” and their successes and failures on various construction projects.
4. Anticipate project setbacks
Even the best-laid plans often go awry.
Remember that even with a high amount of planning and attention to detail, your project may still encounter some challenges. Pay attention to complaints from stakeholders or colleagues, and other warning signs, like a missed deadline or cost overrun, that there may be a problem.
Preventing a crisis will keep your project running smoothly, save you a lot of time, and keep you, your team, and your stakeholders confident in progressing with the project.
Unfortunately not every complication can be avoided. Crisis management skills are essential for dealing with the unexpected. Project managers need to be flexible and pragmatic. Improvise and make sharp decisions when needed.
Related post: 92 free project management templates
5. Stay focused on the details
A common problem project managers encounter is having the project aims not aligned with the organization’s objectives. A great project manager will strategize a plan for the project to lead back to the overall success of the business.
Know your project’s scope by heart and avoid wandering outside of the project’s requirements. It’s too easy to get lost in minor details and forget what your focus is, so a well-planned project scope is essential for success.
And final, you should use KPI to measure effectiveness of the project, here are full list: 76 project management KPIs
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