Business Systems Applications
Using Simulation to Support Project Planning and Cost Modeling
The planning and management of programs and large, complex projects is inherently difficult, not only due to their complexity, but also because of the large uncertainties that are often involved.
By combining the flexibility of a general-purpose and highly-graphical probabilistic simulation framework with specialized features to support financial modeling, 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.
- Compare GoldSim to spreadsheet modeling approaches
- GoldSim: Using Simulation to Move Beyond the Limitations of Spreadsheet Models
- Strategic Planning Applications Using GoldSim