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TOPIC: Isn't a Monte Carlo a representation of uncertainty as well as a simulation?

Isn't a Monte Carlo a representation of uncertainty as well as a simulation? 3 years 4 months ago #25201

Sharon S Topic Author Offline Gold Boarder Posts: 176 Karma: 2 Thank you received: 15	Isn't a Monte Carlo a representation of uncertainty as well as a simulation? Posted in the wrong forum. Your e-mail address will never be displayed on the site. Check this box to be notified of replies to this topic. Note: BBcode and smileys are still usable.
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Isn't a Monte Carlo a representation of uncertainty as well as a simulation? 3 years 4 months ago #25216

Harry Elston
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Sharon,

Monte Carlo simulations or experiments are used for three general categories: System optimization, numerical integration and probability. For PMI's purposes and PMP Exam prep, they are used to create a probability distribution of a desired outcome. In that instance, the area around the desired outcome represents the uncertainty of the simulation. Do not get hung up on it, stick with the definition and explanation in the PMBOK Guide.

Harry

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Harry J. Elston, Ph.D., CIH, PMP

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Project Management Professional (PMP)® Exam

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Isn't a Monte Carlo a representation of uncertainty as well as a simulation?