Probabilistic Analysis (Monte Carlo Simulation):A
project simulation is done using a model to show the
potential impact of different level of uncertainties on project
objectives. Monte Carlo Simulation is generally used for this
analysis. It can quantify the effect of uncertainties and risks
on project budget and schedule. It simulates the full system
many times, each time randomly choosing a value for each
factor from its probability distribution. It uses three point
estimate like most likely, worst case and best case duration
for each task in time management.