Advanced Risks Tools

Anonymous
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Question Description

Advanced Risks Tools

  • Review the Monte Carlo Analysis method presented in Chapter 15 of the Hillson & Simon text. Then, determine whether you would recommend to a project manager the use of this methodology for a large, complex project. Include an example to support your response. If you would not recommend the use of a method such as Monte Carlo, explain what you would recommend as an alternative tool that would allow the project manager to make informed decisions. Provide a rationale for your recommendation.
  • After posting your response, respond to at least one (1) of your classmates on their suggestions.

Tutor Answer

chemtai
School: UT Austin

Attached.

Running Head: MONTE CARLO ANALYSIS

1

Monte Carlo Analysis
Student`s Name
Professor`s Name
Date

MONTE CARLO ANALYSIS

2
Monte Carlo Analysis

Monte Carlo simulation is also referred to as probability simulation. It is a mathematical
technique used to study the impact of risk and uncertainty on various issues or systems such as
project management, cost among other issues in forecasting models (Ayyub & McCuen, 2016).
In a nutshell, Monte Carlo simulation is basically a forecasting model. The model is very helpful
since it helps in trying to give approximation of reality. The ...

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