Applications of simulation in project management

Abstract

Van Slyke introduced simulation as a method for the analysis of project networks in 1963. Since that time many new simulation procedures have been developed and/or adapted for use in project management. The purpose of this paper is to review the traditional simulation procedures that have been applied to project management and to present and discuss new developments regarding the application of simulation to project management. Specifically, this paper will include coverage of simulation as it relates to PERT networks, GERT project networks, and project control systems, i.e., the simulation of updated networks. The intent is to provide project managers with a basic understanding of the role of simulation in project network analysis and to improve both the efficiency and effectiveness of using simulation as a tool for decision analysis in project management.