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Management & Marketing no. 4/2012
Project risk simulation methods – a comparative analysis
Constanţa-Nicoleta BODEA,
Academy of Economic Studies, Bucharest Augustin PURNUŞ, Academy of Economic Studies, Bucharest
Abstract. Effective risk management
provides a solid basis for decisionmaking
in projects, bringing
important benefits. While the
financial and economical crisis is
present at the global level and the
competition in the market is more and
more aggressive, the interest in
project risk management increases.
The paper presents a comparative
analysis of the effectiveness of two
quantitative risk analysis methods,
Monte Carlo simulation and the
Three Scenario approach. Two
experiments are designed based on
real projects, in order to compare the
effectiveness of these methods. The
conclusions of the comparative
analysis are that Three Scenario
approach, even if is not as accurate
as Monte Carlo, assures the results
stability, if the same shape of the
probability distribution curve is
considered. The Three Scenario
approach is easy to be applied in
practice and requires a shorter
computation time than Monte Carlo.
Keyword: project risk management,
Monte Carlo, Three Scenario
approach, simulation.
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2012.10.12-13
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The Classes of Economic Concentration and the 80% Factor , Cezar Mereuță
Foreign Majority Ownership in the Node Companies of the Main Markets in Romania - Compendium , Cezar Mereuță, Ionuț Pandelică, Amalia Pandelică
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