The Monte Carlo Analysis Can Predict the Probability of Finishing

question 47

True/False

 The Monte Carlo analysis can predict the probability of finishing by a certain date or the probability that the cost will be equal to or less than a certain value.

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Definitions:

Fit Distribution

The process of determining which probability distribution best matches a set of data.

Bootstrap Tool

A statistical method used for estimating the distribution of a statistic by resampling with replacement from the original data.

Lowest Average Profit

The minimum average profit realized over a specified period.

Purchase Quantity

The number of units of a product that consumers buy over a specified period.