Chapter 10: Modeling and Simulation for Project Management

Sometimes, monitoring resources, budgets, and milestones for various projects and divisions can present a challenge. Simulation tools help us improve planning and coordination in the various phases of the project so that we always keep control of it. In addition, the preventive simulation of a project can highlight the critical issues related to a specific task. This helps us evaluate the cost of any actions to be taken. Through the preventive evaluation of the development of a project, errors that increase the costs of a project can be avoided.

In this chapter, we will deal with practical cases of project management using the tools we learned about in the previous chapters. We will learn how to evaluate the results of the actions we take when managing a forest using Markov processes, and then move on and learn how to evaluate a project using the Monte Carlo simulation.

In this chapter, we're going to cover the following...