A facilitated, graphics and Monte Carlo based predictive project process

Abstract

In order to successfully manage a typical high tech project, the project team must treat the project process as a design object. The development of an effective predictive process is a key element of any such project process. An effective predictive process is simply a structured method for creating a reasonable degree of predictability about time to market, cost and resource requirements for alternative product/project proposals and scenarios. In order to create a sufficient level of predictability in complex, risky projects it is necessary to integrate risk analysis directly into the predictive processes in an ongoing basis. Monte Carlo techniques are used for this purpose. This paper discusses how these Monte Carlo techniques can be combined with graphics, facilitation, and team building techniques to produce superior products in a predictable manner.<>