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Simulation Methods: Project Risks

Explain the possible benefits to using one of the simulation methods when assessing for possible project risks. Why is this method better for some projects than risk mapping, FMEA, the gut-feeling method, and the Delphi method?

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There are several benefits when using one of the simulation methods when assessing possible project risks. The benefits are that the simulation methods provide practical feedback. This allows the project manager to determine each risk in a correct and efficient manner. The project manager can also try out alternative designs and use the simulation method to assess its risk. To assess risk using other methods may require designing, building, testing, redesigning, rebuilding, and retesting to assess the actual risk. On the other hand simulation ...

Solution Summary

The answer to this problem explains how to perform multiple tests for reducing project risks. The references related to the answer are also included.