are you using any simulation tools in real-life IT projects to quantify schdule/cost risks? what are your experiences with other industries, if not IT?
Fri, 03/15/2013 - 10:13
Its very difficult to quantify risks. There are some tools available, but they are not practical.
Risk may have impact and you can quantify Impact in terms of USD or $. Then you multiply impact with Probablity to get risk exposure. This way you can say that all the risks in my project add up to X USD.
This is the only way I know which works in IT.
Cost impact can be due to one or more of the following:
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