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Supplemental Tutorial: Modeling Schedule Uncertainty Part II - Monte Carlo Simulations in Microsoft Excel

In our third week, we'll consider the risk and uncertainties projects face. We'll understand what is risky about projects. We'll identify and assess project risks and prioritize these risks in order to focus our attention on those most impactful to the project. We’ll consider schedule risks in detail and ask, "What is the likelihood of finishing on time? What are the drivers that may cause delays in my project?" We'll see how a project budget can be set to include a contingency. Finally, we'll consider situations with a high degree of ambiguity and identify methods than can useful in these situations.

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