Full Monte – Sensitivity Analysis Measurements
Barbecana’s Full Monte is a schedule risk analysis tool that integrates seamlessly with Microsoft Project – giving you a fast, accurate and easy to use risk and project management tool. While sensitivity analysis is a major function of any risk analysis report, sensitivity index is another useful measurement highlighted in Full Monte.
Sensitivity Index
Sensitivity analysis can potentially take a long time on very large networks because it involves doing the whole time analysis as many times as there are tasks. (This could be circumvented to a degree by not doing it for tasks which are never critical, but this can only be known with sufficient certainty after doing a risk analysis with an appropriate number of simulations.) An alternative measure of sensitivity is the sensitivity index, calculated by Full Monte during the Monte Carlo simulation. This is a somewhat arbitrary measure defined as:
Sensitivity index = (critical index) x (standard deviation of task duration) / (standard deviation of project finish date)
(For this purpose, the variation in project finish date is measured relative to the task’s calendar. For other purposes, the standard deviation of the project finish date, like other dates, is measured in elapsed time, since there may be various calendars contributing to it.)
For more information on Full Monte and how you can use it to streamline your schedule risk analysis, Contact Us today and a Barbecana representative will be in touch with you shortly.
