In the Fifth Edition of PMI’s PMBOK (Project Management Body of Knowledge) Guide (© 2013 PMI®, Inc.) there is a good comparison (see Figure 11-13 on page 336 and Figure 11-17 on page 340) of the differences between using “Expert Judgment” and “Monte Carlo Simulations” to arrive at the range of overall Project Costs for… Continue reading Comparison of Overall Project Risk Assessments Using Expert Judgment Versus Monte Carlo Simulations
