All of the following statements correctly describe an advantage or disadvantage associated with the use of Monte Carlo Analysis EXCEPT: a. The flexibility of Monte Carlo Analysis allows for more realistic estimates. b. Monte Carlo simulations typically require the use of special software and skills. c. Monte Carlo simulation aids in the identification of near-critical paths. d. Monte Carlo simulations do not consider risks

The Monte Carlo analysis is a risk management study that allows identifying different outcomes and possibilities of carrying out a project. It is useful at the moment of determining the project costs and the estimated time it will take to complete the plan. Besides, the Monte Carlo analysis uses quantitative data to compute its calculations which ensures to provide more accurate information and minimizes ambiguity in project schedules and costs.

Martebi Martebi · Answer 2 · 2021-12-03T16:09:26+01:00

There are different types of simulation models. The statements that does not correctly describe an advantage or disadvantage associated with the use of Monte Carlo is Monte Carlo simulations do not consider risks.

Monte Carlo simulation is simply known to be the method through which there is a generation of hundreds of thousands of probable work outcomes based on probability distributions for cost and schedule on self tasks.

This simulation model uses random samples from a mathematical model that represents a real life situation.

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