Higher Education CoP - Risk Management

Virtual Meeting

Dr. Vittal Annantatmula will be introducing risk management topic to the attendees and risk is something that has high stakes in healthcare industry. As project is a new endeavor, it is often associated with unknowns and uncertainties, which in turn, can lead to risks. As such, risk management is integral to project management by definition. Attendees will learn to develop a list of risks associated with a project, prioritize them based on probability and impact (qualitative analysis). They will also learn about quantitative analysis of prioritized risks and risk mitigation strategies.

 

Chapter Meeting – March 2024: Monte Carlo Simulation Demystified

Virtual Meeting

(VIRTUAL MEETING) Monte Carlo Simulation Demystified 

Agenda

5:30 - 6:00 PM  Chapter Rolling Slides / Join the meeting

6:00 – 6:15 PM  Chapter Announcements

6:15 - 7:00 PM Monte Carlo Simulation Demystified

7:00 – 7:15 PM  Questions

Abstract:

Join us for this presentation by Bill Flanagan, MBA, PE, PMI-RMP, PMP in which he will explain the  huge benefits you will achieve in using a Monte Carlo Simulation to analyze your project risk.  We’ll cover the following:

• Basics of what a Monte Carlo Simulation is and how it is setup on a project.
• Demonstration of how the integrated schedule-cost risk of a project compares to the deterministic values of cost and schedule. Once seeing this you will probably never go back to developing a schedule and cost estimate with purely deterministic values again.
• Demonstration of how the Sensitivity (Tornado) Analysis, calculated with a Monte Carlo, shows us which activities in the schedule have the largest potential impact on our schedule and cost. This allows us to focus on the biggest bang for the buck.
• Demonstration of how a Monte Carlo shows us which non-critical activities are likely to become critical as we proceed through the schedule. This understanding is critical to staying on schedule.

Presentation Objectives

• Demonstrate a Monte Carlo Analysis of a resource loaded Critical Path Method Schedule.
• Demonstrate how a Tornado Analysis Identifies the schedule activities that impact total cost and schedule duration the most.
• Demonstrate how the Monte Carlo can predict which non-critical path activities are likely to become critical.