RISK ASSESSMENT OF MONTE CARLO SIMULATION ASSIGNMENT SAMPLE
Introduction
In this report, the Monte Carlo simulation of the project focuses on the risk assessments that impact during the execution of the project. The start date of the project seems to be 2nd of March 2021 and ends on 13th August 2021. The project also contains the schedule or the network path through which the project will be completed within stipulated time. The total working duration of the project is 165 days. Thus, in this report, the risk factors that impact on the completion of the project are discussed and compared.
Risk Assessment
Qualitative risk factors
The qualitative risk factors that could impact the project execution include failure of the systems. With the growing integration of the more advanced technological advancements, the systems have a chance of generating problems. The possible threats have a greater possibility of growing the more technologically advanced the devices are (Durmic, 2020). During the execution of the project, if failure occurs in the system, then there might occur potential risks related to this as the duration of the project is short.
Quantitative risk factors
The quantitative risk factors that could impact the project execution include security breaches. Monitoring local information may have an impact on how the owners’ personal data is protected from hacking. If the shortest path is followed for the completion of the project within stipulated time, then malware will occur in the security systems. The project will face difficulties with the improper security systems (Sheehan et al. 2021). In this Monte Carlo simulation of the duration of the project of a particular company, there exists three paths (P1, P2, and P3). The first path (P1) in the network diagram represents the path “ABDHIJ” takes 124 days, P2 represents “ACEDHIJ” takes 153 days, and P3 represents “ACFGIJ” takes 128 days. If the shortest path (P1 and P3) are followed, then security risk will occur. If path P2 is followed then also risk will occur as the project’s working duration is 165 days which is initially a short duration and since the maximum duration of the project is 195 days.
Figure 1: Network path diagram
(Source: Provided)
Comparison
In this project using Monte Carlo simulation modeling, the qualitative risk factors signifying the failure of the system impact highly on the execution of the projects within a short time. This may be carried out at any point throughout the project or if the project coordinator feels it essential because it is generally simple, rapid, and inexpensive to undertake. This could lead to improper planning of the project (Mahdiyar et al. 2020). While the quantitative risk factors signifying the security systems impact less as compared to that of system failure. This demonstrates that data breaches and significant security failures frequently emerge from the manipulation of weak connections or faults in the planning of significant projects. This could lead to improper execution of the project as the security hacks impact the project.
Conclusion
The entire report concludes that the qualitative as well as quantitative risk factors impact on the execution of the project that provides a thorough examination of security vulnerabilities and failures of the systems along with appropriate path that helps in completing the project within stipulated time.
Reference List
Journals
Mahdiyar, A., Jahed Armaghani, D., Koopialipoor, M., Hedayat, A., Abdullah, A. and Yahya, K., 2020. Practical risk assessment of ground vibrations resulting from blasting, using gene expression programming and Monte Carlo simulation techniques. Applied Sciences, 10(2), p.472.
Sheehan, B., Murphy, F., Kia, A.N. and Kiely, R., 2021. A quantitative bow-tie cyber risk classification and assessment framework. Journal of Risk Research, 24(12), pp.1619-1638.
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