Question

Which of the following is a benefit to using a Monte Carlo simulation to determine the likelihood of a project completion date?
A. It makes it nearly impossible for projects to be completed late.
B.)It forces the project manager to realistically evaluate critical tasks’ duration.
C.)It is easy to use, since all projects use the same assumptions.
D.)It provides the client with a better understanding of how the project will be completed.

Answer 1

It is practically impossible to finish the project late when using Monte Carlo simulation to calculate the likelihood of the project's completion date. Here, choice A is the best one.

When the possibility of random variables is available, a Monte Carlo simulation is a model that is used to forecast the likelihood of a range of events. Monte Carlo simulations assist in illuminating how risk and uncertainty affect forecasting and prediction models.

The duration of each activity and the entire project are simulated using the Monte Carlo simulation method in order to precisely calculate the likelihood that the project will be completed, taking into account the mutable and unpredictable nature of the time of each activity.

To learn more about Monte Carlo simulation

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