ABSTRACT
Simulation modeling is an analytic discipline that allows one to develop a level of project understanding regarding the interaction of system parts, as well as the overall system performance. As used in the simulation vernacular, the term Monte Carlo implies a model being iteratively manipulated with randomly defined events with specified probability distributions. In general, simulation modeling provides a superior alternative to other forms of project plan evaluation as generally it costs less to perform the simulation analysis. Cost simulation output format is quite similar to the schedule view. One can easily see the additional informational value created by simulation in both the schedule and cost histogram views. The major informational value of the Tornado Sensitivity Chart is its ability to show the percentage of time a named task is on the critical path during the iterative simulation process. Cataloging operational situation is called Risk Path Mapping.
