I) Overview and Objectives
Project simulators offer users a unique insight into the different possible outcomes of their decision. Project management related simulators are used to analyze and quantify the magnitude of risk and offer the user a basis for evaluating and mitigating risk.
3EDGE has developed a proprietary, web-based, project management simulator that has been tested and utilized in various industries over the past 5 years. The simulator offers unique perspectives to the user through graphical representations of various what-if scenarios.
II) Workshop Structure
This workshop is comprised of three sessions held at different phases of the project:
- Session One – Basis of Simulation:
- The objective of this session is to utilize the estimate data developed by the project as the primary source of input to the simulation database. Various interviews are held to ensure that the basis of estimate is clearly understood and translated into the simulation database
- Session Two – Simulation Data Validation:
- This objective of this session is to validate the output of the simulation based on the estimate input. Fine-tuning of the simulation database is undertaken at this stage to ensure that the organizational execution strategy and workflow is accurately captured.
- Session Three – Simulation Scenarios:
- This session is used to review the various results of what-if scenarios being simulated by the system. The session is used as an opportunity to further understand the basis and consequences of project actions on the overall project execution philosophy, cost and schedule.
III) Who Should Attend
The workshop is designed for all key members of the project management team. This includes but not limited to:
- Project Sponsor
- Project Director and Manager
- Managers for Engineering, Procurement and Construction
- Project Control Team (Project Controls Manager, Planners, Schedulers, Estimators and Cost Controllers)
- Discipline Leads
IV) Workshop Deliverables
At the completion of the workshops, the team will have a project execution evaluation portfolio reflecting all the major outputs for each what-if scenario being evaluated. For each scenario, the simulation database will generate the following
- Level 1 Project Milestone Schedule
- Level 2 Project EPC Schedule
- Work Package Prioritization
- Work Package Sensitivity Analysis
- Cash Flow (In & Out)
- Resource Histogram
- Commodity Histogram
V) Workshop Benefits
3EDGE project management simulation platform provides unique and tangible benefits to your project.
- Simulation provides a realistic mechanism of understanding and observing the interaction between key events in a project
- Simulation provides a cost effective approach to testing various what-if scenarios throughout the life of a project without impacting impeding current actions or progress
- Study the effect of certain risks on a project and examine the cost/benefit analysis of mitigation plans
- Identify potential bottlenecks in the follow of progress
- Identify ‘critical’ and ‘driving’ factors throughout the life of a project
- Increase the confidence of the team, project and organization when making decisions by examining the confidence index of simulate decisions.