What are the key tools in the Ultimate Project Management Toolbox?

The purpose of a post mortem survey in project management is to evaluate the project's performance after its completion. It helps in identifying what went well, what didn't, and what could be improved for future projects. It's a learning tool that allows project teams to reflect on their experiences and apply lessons learned to future projects.

Calculating the Internal Rate of Return (IRR) is a crucial aspect of project management as it helps in financial forecasting and decision-making. IRR is the discount rate that makes the net present value (NPV) of all cash flows (both positive and negative) from a project equal to zero. It provides an estimate of the profitability of the project. If the IRR of a project exceeds the cost of capital, the project would typically be considered a good investment. This allows project managers to compare and rank projects based on their IRRs, aiding in the selection of projects that would yield the highest returns.

Monte-Carlo analysis plays a crucial role in predicting a project's success by providing a range of possible outcomes based on the variability of key project variables. It uses statistical methods to model possible outcomes and their probabilities, which helps in risk assessment and decision-making. It allows project managers to understand the impact of risk and uncertainty in their project schedules, budgets, and scope, thereby increasing the chances of project success.