Tower Project Description Research Paper Example | Topics and Well Written Essays - 1000 words

Tower Project Description - Research Paper Example Objective To construct television station facilities Scope 1. Construct a 340-feet television antenna tower 2. Construct a building for the transmission and electrical equipment 3. Stock electrical equipment, site preparation, the building and the connecting cable. Monte Carlo Simulation Monte Carlo simulation is a significant demonstrating and analyzing technique. This method manages project risks and poor decisions. Monte Carlo simulation uses calculated data thus allowing program managers to explain and communicate project expectations in a clear way. Monte Carlo technique if combined with training and appropriate education in risk management can lead to effective project execution. In this project of tower construction, the technique (Monte Carlo) analyzes the effects of risk and poor decisions in plan budgets of a project and project performance. For instance, project completion time and required budget are analyzed. In the construction of the tower project, Monte Carlo will be used in two key areas: Area of cost management and to calculate the risk level of the project budget (scheduled date of project completion). The method will explain how it helps the project manager in responding to queries like, how to meet project due date and how long the project will take (McLeish 87). Time Management in Tower Project Monte Carlo will be applied to the project planning to calculate the confidence of project completion. The manager, contract administrative staff, the project engineer and the industrial engineer should have the target of the project completion date (project period). The functions and the duration to each activity should be estimated properly to avoid delays. The project activities and timeframe in this project are well documented. Monte Carlo uses a three-point assessment to streamline the practice of time management. The three-point durations are: best-case durations, worst case and the expert provision (the most-likely duration). The project mana ger fits these three estimates to a duration possibility distribution. For instance we have normal and beta distribution for the activities. When the simulation is complete, the probability of completing the project on a certain date is communicated by the manager. This probability allows the project manager to set schedules for the project (McLeish 105). Cost Management in Tower Project Monte Carlo simulation is used by the project management to better understand the project budget and approximate the final budget. It involves the assigning of distribution to the project cost rather than assigning a probability distribution to the project activities duration. The approximations are usually formed by a project cost expert. The ultimate product is a probability distribution of the ultimate total project costs. This distribution of the ultimate total costs is used by the project manager to set aside budget reserves. Monte Carlo Simulation can also be used in project management, progra m and portfolio management. In the Tower project, Monte Carlo Simulation is used in the construction of the project to comprehend certain risks to this project: man-made risks, natural and environmental risks to the project (McLeish 127).This allows for early detection and mitigation of the risks before they occur. Monte Carlo points out uncertainties in this project for understanding and mitigating them. Khamooshi-Cioffi (USM) Model This is a method of presentation accepted risks, impacts and probabilities of the life in a project. Project manager and stakeholders in the Tower project can decide risk acceptance and set aside equivalent possibility funds. This method uses a