The simulation determines the probabilities of project completion time by estimating the probability risk that may be linked to the project. It still helps in estimating any probable outcome associated with the project. The simulation technique still helps determine the project completion times by identifying all realistic costs associated with the project. The simulation technique provides quantification of the project. It determines the project completion time by predicting whether the project's intended objectives will either be achieved or not.
What is “slack” and why it is important
The slack can be described as the existing time difference between the actual scheduled period of when a project is expected to compete and the exact time when the project completes (Abdel-Rahim et al., 2019). The importance of slack is that it helps firms in estimating the completion period of a particular project that is underway.
Why activity-on-arrow (AOA) or activity-on-node (AON) is of significant value to the project manager
The project manager can use the activity-on-arrow (AOA) or activity-on-node (AON) in identifying the flow of different activities within a project hence being of significant value to such managers of a project (Siong, 2016). Most of the project managers benefit from AOA or AON through estimating the critical path of the project they are undertaking and all the dependencies associated with the project.
How uncertainty in project scheduling is dealt with
The project managers can deal with uncertainty scheduling through careful reverse analysis. The analysis is mostly undertaken during the formulation process of the specific project that is underway. During the analysis, the project manager should ensure that proper resources are allocated to the project as one of the means of reducing any possible uncertainty that may occur in the project scheduling. The analysis helps project managers in minimizing the different contingencies within a project. The uncertainty in project scheduling can as well be dealt with through ensuring there are additional stock resources.
Should critical path activities be managed differently from noncritical path activities?
Yes, there is a need for managing the critical path activities differently from the noncritical path activities. One of the key reasons for managing such activities is that the critical path activities affect the milestones on the critical path and may even affect the actual completion date for any project. Another reason why the project managers should emphasize the critical path activities is because of its impact on the milestones and the project as a general. Nevertheless, this does not mean that project managers need to ignore noncritical path activities. That is mainly because some of the paths within the network can even become critical paths (Du, 2017). That can only take place if the different activities located within the path slip far enough to chew up the slack. So that means that the project manager needs to have close attention to the critical path activities while at the same time not ignoring different activities that may become critical within the project.
Abdel-Rahim, H., Majerczyk, M., Stevens, D. E., & Wilhelm, J. (2019). The Effect of Outcome Uncertainty on Budgetary Slack and Risk Sharing: An Experimental Examination. Available at SSRN 3022307.
Siong, L. M. (2016, September). Activity on the arrow (AOA) network model to enable mold productivity optimization. In 2016 IEEE 37th International Electronics Manufacturing Technology (IEMT) & 18th Electronics Materials and Packaging (EMAP) Conference (pp. 1-6). IEEE.
Du, H. (2017, February). Application of Critical Path in the Construction Engineering Project Management. In 2016 2nd International Conference on Education, Social Science, Management, and Sports (ICESSMS 2016). Atlantis Press.
Cite this page
Essay Sample on How Simulation Determines the Probabilities of Various Project Completion Times. (2023, Aug 13). Retrieved from https://speedypaper.com/essays/how-simulation-determines-the-probabilities-of-various-project-completion-times
If you are the original author of this essay and no longer wish to have it published on the SpeedyPaper website, please click below to request its removal:
- Antelope Elementary School Hiring Scenario, HRM Essay Example
- Internal Transfer Application, Essay Sample
- Taking Care of Immigrants' Kids - Education Essay Example
- Free Essay: Crisis in the Case of a Peanut Corporation of America
- Free Essay: Training Leaders to Have Effective Leadership
- Essay Sample on Use of Math in Money Management
- Essay Example: The Shape of the Earth: Could It Be Spherical or Flat?