SOFTWARE ENGINEERING

Previous
Next

SOFTWARE PROJECT MANAGEMENT

RISK MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Question 46 of 100Question ID:613766A project manager has just completed a Monte Carlo analysis simulation when he learns from a team member that some of the cost estimates used in the simulation were incorrect. The project manager is highly risk-averse and concerned about this issue, so he meets with his team to discuss options on how to move forward.What would the team likely do with the results from this Monte Carlo analysis?
A
AUse the results; the simulation data can still be of value because incorrect estimates are accounted for in the algorithm
B
BReject the results and use the triangular distribution technique instead
C
CUse the results but set aside additional contingency reserves to address the project risks
D
DReject the results; the Monte Carlo results would be inaccurate and should not be used34
Explanation: 

Detailed explanation-1: -Project managers and decision-makers use the Monte Carlo Simulation tool to estimate the impacts of various risks on the project cost and project timeline. Using this method, one can easily find out what will happen to the project schedule and cost in case any risk occurs.

Detailed explanation-2: -The Monte Carlo simulation is a mathematical technique that predicts possible outcomes of an uncertain event. Computer programs use this method to analyze past data and predict a range of future outcomes based on a choice of action.

Detailed explanation-3: -Identify the Transfer Equation. The first step in doing a Monte Carlo simulation is to determine the transfer equation. Define the Input Parameters. Set up the Simulation in Engage or Workspace. Simulate and Analyze Process Output. 23-Apr-2020

There is 1 question to complete.
Previous
Next