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TOPIC: Monte Carlo Vs Probability Distribution

Monte Carlo Vs Probability Distribution 2 years 3 weeks ago #15545

  • Pradheepa Krishnasamy
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Could you please explain how monte carlo analysis works in Risk and schedule management and how is it different to probability distribution?

Monte Carlo Vs Probability Distribution 2 years 2 weeks ago #15554

  • Kathy Castle
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Monte Carlo is a technique used to understand the impact of risk and uncertainty. Essential idea of Monte Carlo Analysis is using randomness to solve problems that might be deterministic in principle. On the other hand a probability distribution is a mathematical function that provides the probabilities of occurrence of different possible outcomes in an experiment. There is a good article related with the subject. You can read Monte Carlo Simulation: A Risk Analysis Technique
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