The project network for building a garage is shown in Figure 13.11 and includes data on activity

Question:

The project network for building a garage is shown in Figure 13.11 and includes data on activity times and their deviations.

a. Develop a Monte Carlo simulation model that can be used to generate a distribution of project completion times ( longest path from node 1 to 8).

b. Simulate 5 project completion experiences using random numbers from Appendix B. What is the expected project duration time?

Monte Carlo simulation
Monte Carlo simulation is a technique used to understand the impact of risk and uncertainty in financial, project management, cost, and other forecasting models. A Monte Carlo simulator helps one visualize most or all of the potential outcomes to...