Asked by Pamela Lorraine on Jun 29, 2024
Verified
_____ simulation is a statistical model used on projects, which simulates a possible range of outcomes by trying many different combinations of risks based on their likelihood.
A) Discrete-event
B) Monte Carlo
C) Deterministic modeling
D) Mixed-mode
E) Parallel
Monte Carlo
A statistical method utilizing random sampling to approximate the probability of certain outcomes in decision making or physical systems.
Discrete-event
Pertains to a type of simulation modeling that represents systems as a series of distinct events occurring at specific points in time.
Deterministic Modeling
A mathematical approach used in planning and decision-making that assumes a certain outcome based on known variables, without accounting for randomness or uncertainty.
- Understand the concept and application of Monte Carlo simulation in project risk management.
Verified Answer
ZK
Zybrea KnightJul 03, 2024
Final Answer :
B
Explanation :
The description best matches the Monte Carlo simulation, which is commonly used in project management for risk analysis by generating possible outcomes based on a range of probabilities for different risks.
Learning Objectives
- Understand the concept and application of Monte Carlo simulation in project risk management.