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Likelihood (probability) of the risk occurring, and likelihood of each possible outcome
When the risk might occur during the project
Interaction of the risk outcomes with other parts of this project or other projects
Risk Assessment Matrix Risk Likelihood Severity Detection Difficulty When System Crash Low High High Startup Software Glitches High Low Medium Post-Startup Users Dissatisfied Medium Medium Low Post-Startup Hardware Malfunction Low Medium Medium Startup
General purpose simulation software can model how many products flow through all the machines in a factory and on to the warehouse. This capability is much more than what is needed to simulate projects.
Monte Carlo simulation is much simpler type of simulation analysis that we can use to model the uncertainty of task durations and costs.