The approach that further attempts to model real word uncertainty by analyzing projects the way one might analyze gambling strategies is called:

Question

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Monte Carlo simulation involves using random sampling to generate possible outcomes of a project or investment, similar to how a gambler might use probabilities to calculate potential winnings or losses. This approach considers the range of possible outcomes and their likelihood, taking into account various sources of uncertainty. The other options (blackjack approach, gambler's approach, sensitivity analysis, and scenario analysis) do not specifically use random sampling or gambling strategies to model uncertainty.

The Approach That Further Attempts to Model Real Word Uncertainty