Project Simulation of the Construction of a New Nuclear Power Plant
GoldSim can readily simulate the performance of complex projects, adding a dimension of realism that is not available with other project management software. In collaboration with Predicus LLC, a a was developed to illustrate this capability. The model represents a proposed project by an electrical utility to construct a new nuclear power plant.
The model simulates three key phases in the project's development, incorporating all of the risk and financial factors that could come into play over the up to 18-year duration of the project.
- Initial planning and feasibility studies, including financial feasibility, site selection, and selection of the reactor manufacturer.
- Final environmental and design studies followed by the licensing process, spanning several years, where the Nuclear Regulatory Commission (NRC) reviews the proposed facility's design and interveners raise objections.
- Finally, a multi-stage construction process is simulated, which addresses all of the contingencies that might arise during this stage.
The model represents all of the uncertainties and random variables that can impact such a project, allowing an owner to understand their overall risk profile and to uncover key risk drivers—be they technical, financial, or political.
