Project Management with MS Project and Monte Carlo Simulation

Project Management with MS Project and Monte Carlo Simulation

To manage a large and risk-laden project successfully you may need a comprehensive and effective management tool. This training will give you the latest concepts, methods and practices used by progressive companies worldwide to manage projects to achieve technical and financial success. The participants will use MS Project and Monte Carlo software to apply the project management techniques discussed in the training.

By attending this workshop, you will be able to:

• Develop realistic project duration and cost estimates
• Control project execution and resolve conflicts
• Manage complex and risky projects successfully
• Use MS Project and Monte Carlo Simulation software
• Complete project in time and under budget

COURSE CONTENT

1.            Why Project Management  

·         The Evolution of Project Management

·         Professionalism in Project Management

·         Project Management Institute (PMI) of the USA

·         Project Management Body of Knowledge (PM-BOK)

2.            Project Management Process

·         The Management Process

·         The Project Management Process

·         The Project Life Cycle

·         Project Life Cycle and Uncertainty

·         Project Scope Planning

3.            Economic Analysis and Risk Assessment

·         Characteristics of Projects

·         Hurdle Rate: Accept or Reject Project

·         Time Value of Money

·         Decision Tree Analysis

·         Expected Monetary Value (EMV)

·         Utility Theory: Risk Taker vs Risk Averse

·         Profitability analysis: IRR, NPV, POT, PI, GRR, etc

·         Project Selection

4.            Work Breakdown Structure (WBS)

·         Project Integration Management

·         Project Scope Management

·         Work Breakdown Structure

5.            Project Cost Management

·         Types of Project Costs

·         Lump Sum vs Estimated Sum

·         Elements of Project Costs

·         Cost Estimation: Parametric, Bottom-Up, Historical, etc

·         Accrual of Costs

·         Project Budgeting

·         Project Cash Flow

·         S-Curve

·         Project Cost Control

6.            Project Risk Management

·         Understanding Project Risks

·         Risks in Project Cost

·         Risks in Project Duration

·         Review on Probability

·         Risk Mitigation on Project

·         Monte Carlo Simulation

7.            Project Planning

·         Activity Definition

·         Duration Estimation: historical and 3-point estimate

·         Duration Reserve

·         Activity Sequencing

·         Precedence Diagram Method

·         Arrow Diagram Method

·         Schedule Development and Gantt Charting

·         Critical Path Method (CPM)

·         Program Evaluation and Review Technique (PERT)

·         Schedule Control

·         Change Control

·         Crash Project

8.            Schedule Development and Control with MS Project

·         Introduction to Ms. Project

·         Preparation: Calendar, Timescale, Outlining, Calculation, etc

·         Input

·         Output

·         Resource Sheet

·         Resource Allocation

·         Resource Conflict (Over Allocation)

·         Leveling

·         Creating Baseline

·         Tracking

·         Reports

9.            Project Control

·         Tracking Curves (S curve)

·         Progress Measurement

·         Integration and Reporting of Progress

·         Performance Reporting: Earned Value

10.          Managing Project Risks with Monte Carlo Simulation

·         Introduction to Monte Carlo Simulation

·         Input

·         Output

·         Time and Cost Risk Management

·         Managing Risk in Project Completion

·         Managing Risk in Project Costs

Participants :

·         Project managers and their staff

·         Project engineers and supervisors

·         Project support managers and their staff

·         Project cost controller, auditors and inspectors

·         Project Owners and their representatives

            Anyone who is involved in managing a project