Using the Monte Carlo Simulation in Risk Management


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What should project managers do when preliminary task estimates differ from Monte Carlo simulation?

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1. What is the most widely used method of sensitivity analysis?

2. How many times should a Monte Carlo simulation model be run?

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About This Quiz & Worksheet

This interactive quiz and printable worksheet will help you measure what you know about the Monte Carlo simulation. These questions will focus on gauging your understanding of how this simulation can be used.

Quiz & Worksheet Goals

You can work on this quiz to assess what you know regarding:

  • Methods of sensitivity analysis
  • The number of times a Monte Carlo simulation should be run
  • How to best use the Monte Carlo simulation

Skills Practiced

We've designed this quiz to help you practice the following study skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on the Monte Carlo simulation
  • Critical thinking - apply relevant concepts to determine the course of action for project managers when the Monte Carlo simulation doesn't match preliminary task estimates
  • Information recall - access the knowledge you've gained regarding the Monte Carlo simulation model that project managers should use

Additional Learning

Keep expanding your understanding of this subject with the lesson entitled Using the Monte Carlo Simulation in Risk Management. You can work on this lesson to learn more about:

  • The history of the Monte Carlo simulation
  • Uses of the Monte Carlo simulation
  • The Monte Carlo simulation's value in risk management