Quantify Risk to Manage Cost and Schedule
NAVAL RESEARCH LAB WASHINGTON DC
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Too many projects suffer from unachievable budget and schedule goals, caused by unrealistic estimates and the failure to quantify and communicate the uncertainty of these estimates to managers and sponsoring executives. Some projects are beginning to use Monte Carlo methods to improve cost and schedule estimating however, it is not always done in a systematic manner, mutually understood by both customer and supplier. This article provides a systematic approach based on quantification of expert judgment in a pragmatic and consistent fashion.
- Administration and Management