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Using Simulation to Support Project Planning and Cost Modeling

Cost ModelingThe planning and management of programs and large, complex projects is inherently difficult, not only due to their complexity, but also because something almost always goes wrong (Murphy’s Law!). By combining the flexibility of a general-purpose and highly-graphical probabilistic simulation framework with specialized features to support financial modeling and optimization, GoldSim is ideally suited as a high-level project planning tool suitable during the feasibility assessment and conceptual design phases, while the exact scope of the program is still in flux and it is critical to simulate the range of possible outcomes.
Examples of program planning suitable for GoldSim modeling include:
  • Large construction projects related to industrial facilities, public infrastructure, and large-scale residential, retail, and commercial development;
  • Implementation of information technology upgrades; and
  • Development of new products (e.g., hardware, software, pharmaceutical).

The GoldSim approach to program and project management differs from typical project management tools in the following ways:

  • External factors (e.g., economic, competitive, environmental, political) are easily simulated using GoldSim.
  • GoldSim isn’t limited to simulating a single outcome but allows for a range of outcomes and modification of the program scope due to interim results or outcomes.
  • Rather than directly specifying the attributes (e.g., cost, duration, and precedence requirements) of the various tasks comprising the program, GoldSim can be used to dynamically predict these attributes as a function of the changing project environment.

GoldSim Project Simulator Model

Some examples of how GoldSim simulation software has been used to support cost modeling and project planning include the following:

To learn more, you can:

  • Take the GoldSim Quick Tour to quickly learn about GoldSim's features and capabilities;
  • Learn more about GoldSim's Financial Module, an add-on extension to GoldSim to help you model the financial components of your systems;
  • Compare GoldSim to the most commonly used cost modeling tool, the spreadsheet;
  • Request a free web demo, in which one of our technical staff shares his/her desktop while answering your questions and demonstrating the application of GoldSim to cost modeling and project planning; and/or
  • Request a free Evaluation and try GoldSim for yourself.

 

Making Better Decisions In An Uncertain World