Monte carlo analysis

Monte carlo analysis

A technique that computes, or iterates, the project cost or project schedule many times using input values selected at random from probability distributions of possible costs or durations, to calculate a distribution of possible total project cost or completion dates.

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Part of Speech: noun
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Industry/Domain: Business services
Category: Project management
Company: WSDOT
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Related terms

monte carlo analysis

Business services; Project management

A technique that computes, or iterates, the project cost or project schedule many times using input values selected at random from probability distributions of possible costs or ...

simulation

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project life cycle

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direct costs

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