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Modeling the FDA Approval Process for a New Drug

Description

This model simulates the process of obtaining FDA approval for a new drug. Although the example itself is drawn from the pharmaceutical industry, the techniques illustrated are applicable to any project in which you need to simulate a number of steps or 'gates' in order to complete the project.

The model makes use of conditional containers to represent the various stages required in the FDA approval process and milestone elements represent the completion of these stages. Go into the 'Project' container for more information about the model. Tool-tips for each of the elements give element-specific information. Stochastic elements are used to model uncertainty in cost and duration of each of the stages.

 

Making Better Decisions In An Uncertain World