Defining project risk management efficiency through simulation

Project risk management efficiency is an important factor for project success. However, the traditional project control techniques do not incorporate project risk management evaluation. Such a technique, addressing the project objective of time, is proposed in this paper, based on the use of stochastic S-curves (SS-curves) and Monte Carlo simulation. Stochastic S-curves provide probability distributions for the time values required to complete the project at every selected report point. Additionally, a new evaluation graph, based in quality control graphs, is presented in order to provide a clear view of the efficiency of the project risk management process to the project manager.