Simulation
A simulation uses a project model that translates the uncertainties specified at a detailed level into their potential impact on objectives that are expressed at the level of the total project. Project simulations use computer models and estimates of risk, usually expressed as a probability distribution of possible costs or duration sat a detailed work level, and are typically performed using Monte Carlo analysis.
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PMBOK® Glossary Terms and Definitions (5th Edition) Copyright © by PMConnection - (7181 reads) | 
