What schedule analysis simulation tool allows you, the project manager, to review possible combinations of events such as optimistic, most likely and pessimistic outcomes for your project?
Monte Carlo Simulation: In contrast with PERT, the Monte Carlo simulation is a statistical technique used to understand the impact of risk and uncertainty in project plans. It performs risk analysis by building models of possible results by substituting a range of values—a probability distribution—for any factor that has inherent uncertainty. It then calculates results over and over, each time using a different set of random values from the probability functions. This method is particularly useful for analyzing the range of possible outcomes in a project's schedule, cost, or other key variables.
A is the right answer.
The PERT estimate (E) is based on a formula that includes your optimistic time estimate (O), your most likely time estimate (M) and your pessimistic time estimate (P). The basic equation is this: E = (O + 4M +P) / 6
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