Abstract
In project management, there are many risk factors that may cause a serious loss for the project. Quantification of those risks is extremely important especially for project managers in order to make right decisions and take relevant actions. Otherwise they may underestimate the impact of the risk factors or even when they detect risk, it could be too late to take actions. Monte Carlo simulation is one of the methods that make possible for project managers to quantify and analyze the risks. Such quantitative risk assessment helps project managers to make decisions and reach the solutions in the project.
