An analysis of project risks using the non-parametric bootstrap technique

Abstract

Standard statistical techniques do not always provide answers to project risks questions because often there are no parametric distributions on which significance can be estimated. Resampling methods provide a battery of tests that can be used in such circumstances. In the past few years these methods have been explored theoretically and are now employed frequently. The aim of the paper is to highlight the motivations for using a model base on bootstrap in typical project risk analysis. Bootstrap method for decreasing the standard deviation of project risks is described. We give a numerical example for better understanding.