Deciding How to Make the Trade-Offs Between the Different Types

question 9

Multiple Choice

Deciding how to make the trade-offs between the different types of IT work is the essence of effective:

• A) planning.
• B) budgeting.
• C) strategy.
• D) prioritization.

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Definitions:

Monte Carlo Sampling

A statistical technique that utilizes random sampling and probability to solve problems that might be deterministic in principle.

Latin Hypercube Sampling

A statistical method used in simulations that stratifies the sample space to ensure a more comprehensive exploration of variables across their entire range of values.

Assumption's Probability Distribution

The theoretical distribution of probabilities assigned to all possible values of a variable based on certain assumptions.

NPV

Net Present Value; a financial metric used to evaluate the profitability of an investment, calculated by subtracting the present value of cash outflows from the present value of cash inflows.