Although simulation is one of the most widely used approaches for solving problems in Business Process Management, and other fields dealing with operations management, little is known about systematic management of simulation projects and its life-cycle (Shtub, 2010). This write up will discuss various issues regarding the management of a simulation project and simulation life-cycle models. A life cycle following a Six Sigma DMAIC adoption is discussed in detail. Furthermore, costs associated with simulation projects are defined and analyzed. Typically, there is no clear accounting for simulation projects, as most of those efforts do not follow a strict project management methodology.