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simulim
A simulation uses a project model that translates the uncertainties specified at a detailed level into their potential impact on objectives that are expressed at the level of the total project. Project simulations use computer models and estimates of risk, usually expressed as a probability distribution of possible costs or durations at a detailed work level, and are typically performed using the Monte Carlo analysis.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Business services
- Category: Project management
- Company: WSDOT
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