Using Outputs of Monte Carlo Analyses in Decision Making
IN THIS FINAL CHAPTER of Part III we size up the value of Monte Carlo outputs for project decision making and methods of their interpretation. Some practical examples of interpretation of the results and their use for decision making are found in Chapter 16.
ANATOMY OF OUTPUT DISTRIBUTIONS
Figure 14.1 is a blown-up part of Figure 3.6, which represents typical output of probabilistic cost or schedule analysis. This figure shows the anatomy of the output distribution (the curve) at a higher level of detail. The curve could be used for assessment of overall cost or schedule uncertainty and the definition of project cost ...