Comparison of Pert and Monte Carlo simulation

Kukuseva, Maja and Stefanov, Goce and Citkuseva Dimitrovska, Biljana and Milcevski, Dejan (2021) Comparison of Pert and Monte Carlo simulation. First International conference ETIMA, Conference proceedings. pp. 149-155. ISSN 978-608-244-823-7

Text 4503-Article Text-7599-2-10-20211102.pdf Download (1MB)

Abstract

Risk management is critical issue for successful competition of any project. In order to complete a project within
predefined schedule it is crucial to estimate the probability of project completion precisely. The aim of project
management when dealing with large and complex projects is to identify the critical path and one or several
subcritical paths. In this paper a comparison between two most widely used project planning and scheduling
techniques PERT (Program Evaluation and Review Technique) and Monte Carlo simulation is made. PERT
considers the uncertainties in activity duration by considering three estimates of time, while in Monte Carlo
simulations the distribution for activity duration can be uniformed, triangle, normal etc. The analysis made in this
paper is based on same project using classical PERT and Monte Carlo simulation with uniform distribution of
time activity. The model used in this paper is developed in C++ programming language.

Item Type:	Article
Subjects:	Engineering and Technology > Electrical engineering, electronic engineering, information engineering
Divisions:	Faculty of Electrical Engineering
Depositing User:	Maja Kukuseva
Date Deposited:	14 Feb 2022 11:53
Last Modified:	14 Feb 2022 11:53
URI:	https://eprints.ugd.edu.mk/id/eprint/29402

Actions (login required)

View Item