Modeling is a strong tool for project managers that can help them predict what will happen and spot possible risks before they happen. In project management, there are several types of modeling methods that can be used, such as:
Schedule modeling includes making a picture representation of the project schedule, which can help managers see connections, key lines, and resource sharing.
Cost modeling is the process of figuring out how much a project will cost by using methods like parametric modeling, comparable estimating, and bottom-up estimating, among others.
Risk modeling is the process of figuring out what the possible risks are and how likely and bad they are to happen. This can help managers set priorities for reducing risks.
Resource modeling is the process of making a model of the supply and use of resources throughout the span of a project. This can help managers divide up resources more wisely and keep team members from being overworked.
Simulation Modeling: This is when advanced software tools are used to create visual models of the project. This can help managers find possible bottlenecks, make the best use of resources, and make more accurate predictions about how a project will turn out.
Modeling is an important part of project management because it helps managers make better choices, lower risks, and get the best results from their projects.
Usage
It is used in project planning / risk management
