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How to forecast critical project cost?

1 reply [Last post]
Dear All,

Pl. share with me about said subject becaz i need it ASAP.


Regards
Amir Javed
CCTRL Engineer
aamir_javaid_pk2001@yahoo.com

Replies

Rafael Davila
User offline. Last seen 7 hours 34 min ago. Offline
Joined: 1 Mar 2004
Posts: 4784
If you are considering Pertmaster for this purpose keep in mind that Pertmaster uses CPM logic only to determine probabilities for a Job to be completed at various total job durations using Monte Carlo. For cost statistics Pertmaster uses Monte Carlo without tying costs to activities duration, for Pertmaster Cost distribution, CPM logic does not matter.

If by Critical Project Cost you refer to the optimum cost a Project can be scheduled it is a Time-Cost issue. This is an issue of time-cost-tradeoff Pertmaster does not handle. Monte Carlo as well as other Operations Research techniques can be used for this purpose. For a start you might follow the links:

http://books.google.com/books?id=sDRB7STAHXcC&pg=PA238&lpg=PA238&dq=crit...

http://www.scienceofbetter.org/what/index.htm

Into the practical, not into the theoretical, just understand the basics and search for a software application that solves the issue. I don’t believe Primavera has an application for this purpose but if a user of Pertmaster maybe you can contact them.