Monte Carlo Simulation by Dr Walter López Moreno Completing project on a specific day DATE (days) PROBABILITY ACCUMULATIVE PROBABILITY RANGE Optimistic (O) 0.30 0.30 01 – 30 Most Likely (M) 0.45 0.75 31 - 75 Pessimistic (P) 0.25 1.00 76 - 00 Completing project for any specific amount of cost COST ($) Earned Value Analysis BAC – Budget at Completion (how PROBABILITY 0.40 much did you budget for the total job) EAC – Estimate at Completion 0.20 (what do we expect the total project to cost) BAC - 5% ETC – Estimate to Completion (how much more do we expect to spend to finish the job) BAC + 5% VAC – Variance at Completion (how much over/under budget do we expect to be) BAC +/- 10% (select + or -) 0.10 ACCUMULATIVE PROBABILITY RANGE Overall project risk RISK (type) 1 2 3 PROBABILITY ACCUMULATIVE PROBABILITY RANGE RESULTS Simulation Number Completing project on a specific day Random # 1 2 3 4 5 6 7 8 9 10 DATE (days) Completing project for any specific amount of cost Random # COST ($) Overall project risk Random # RISK (type)