Advance Data Mining for Monte Carlo Simulation in Project Management

AbstractIt is well known the potential and the convenience of using Monte Carlo (MC) simulation to forecast projects’ execution results in other to define and adjust its roadmap. MC simulation has great capabilities for project management solutions, and enough margins to be extended in terms of evolving the simulation model and offering better data mining of the results generated, in order to facilitate Project Managers (PM) labor. In this paper is expose some of the functionalities that are being studied in a wider research based on exploring advance capabilities of MC simulators for project management. For this purpose, a practical example is studied to show explicitly the benefits of the development