Project Costing with Monte Carlo Simulated Probabilities

We present here an integrated business case for calculating a simplified project cost estimation. An integrated case for calculating a simplified project cost and its probabilistic contingency reserve estimation.  Quantification of price and quantity risk as well as event risks. The objective of presenting this example is to demonstrate a number of basic and intermediate tools from @RISK that are relevant to current practices used in the world of project management.  The goal is to show how @RISK tools can be used to represent quantitative – not qualitative – risk analysis.