Risk Diversifications in Emerging Economies
Risk Diversifications in Emerging EconomiesYoung Hoon Kwak & Lisa Ingall
Monte Carlo simulation is a useful technique for modeling and analyzing real-world systems and situations. This paper is a conceptual paper that explores the applications of Monte Carlo simulation for managing project risks and uncertainties. The benefits of Monte Carlo simulation are using quantified data, allowing project managers to better justify and communicate their arguments when senior management is pushing for unrealistic project expectations. Proper risk management education, training, and advancements in computing technology combined with Monte Carlo simulation software allow project managers to implement the method easily. In the field of project management, Monte Carlo simulation can quantify the effects of risk and uncertainty in project schedules and budgets, giving the project manager a statistical indicator of project performance such as target project completion date and budget.
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Keywords: Monte Carlo simulation, project management, risk analysis and management, exploratory study
Labels: derivatives, exploratory study, Monte Carlo simulation, project management, risk analysis and management, risk management, technology, trading
posted by Victor Lloyd Smith @ 12:51 PM
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