• Akshay Bhaskar Bagal
• Dr. Rajesh V Kherde
• Dr. Sumant K Kulkarni

In this competitive world, with limited resources, cost and time in project management is paid increasing attention. For any kind of project, schedule is essential for successful execution of the project, so the management of schedule is very critical. It is observed that important risk about the construction schedule is time duration risk. Duration risk means the possibility and loss of incompletion of project in the stipulated duration limit. So it require to analyse the probability of each work in program evaluation and review technique [PERT]. On the basis of probability obtained from PERT analysis (Normal or Beta distribution) it simulates the project’s duration and analyses the probability of construction schedule by Monte Carlo simulation method. Monte Carlo simulation method is used to simulate the duration for each activity and also the overall project to accurately determine the project completion probability under considering of the changeability and randomness of duration for each activity.

PERT, Normal or Beta distribution, Monte Carlo Simulation

"PROBABILITY ANALYSIS OF PROJECT SCHEDULE USING MONTE CARLO SIMULATION IN EXCEL", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 5, page no.106-110, May-2019, Available :http://www.jetir.org/papers/JETIRCA06021.pdf

"PROBABILITY ANALYSIS OF PROJECT SCHEDULE USING MONTE CARLO SIMULATION IN EXCEL", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 5, page no. pp106-110, May-2019, Available at : http://www.jetir.org/papers/JETIRCA06021.pdf