What is the first step in a Monte Carlo analysis?
A) Determine the probability distribution of each variable.
B) For each variable, such as the time estimate for a task, select a random value based on the probability distribution for the occurrence of the variable.
C) Assess the range for the variables being considered.
D) Run a deterministic analysis or one pass through the model using the combination of values selected for each one of the variables.
Correct Answer:
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Q22: Identifying risks is a subprocess of the
Q25: _ analysis simulates a model's outcome many
Q27: _ involves numerically estimating the effects of
Q28: _ involves deciding how to approach and
Q31: A _ is a technique used to
Q32: _ are/is a qualitative risk analysis tool
Q33: _ involves determining which risks are likely
Q34: A _ person achieves a balance between
Q35: _ is a fact-finding technique that can
Q40: _ are predefined actions that the project
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