Leveraging Monte Carlo Simulation for Project Risk Management: A Study on Pre-Mitigation and Post-Mitigation Techniques in Risk Registers
Year: 2025
Type: article
Abstract: This article focuses on the utilization of pre-mitigation and post-mitigation techniques in risk registers, employing Monte Carlo simulation, to enhance project risk management. Through a comprehensive literature review and analysis of a software project case study in a telecommunications equipment company, this research aims to quantify the benefits of integrating these techniques as part of their risk management process. The outcomes include quantitative assessments of pre-mitigation and post-mitigation techniques, as well as the identification of best practices and recommendations for their implementation using a business analytics tool based on Monte Carlo simulation. This research holds significance for project managers and organizations seeking to improve objectively risk management practices, ultimately leading to more successful project outcomes based on a probabilistic mindset.
Language: English
Field: Decision Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4415526991