Define Monte Carlo simulation

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Questions:

1. Identify advantages and disadvantages of Monte Carlo simulation. Also, define Monte Carlo simulation.

2. List at least four potential problems in creating accurate duration estimates for activities. Describe at least two methods for dealing with each potential problem.

3. Identify what three time management processes need to be accomplished even if you use scheduling software and explain why.

4. Describe the five factors that may limit how fast a project can be completed. Give an example of each.

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Reference no: EM133167950

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