A statistical method using random numbers. When applied to static PERT scheduling (i.e. several hundred times by computer) it helps to predict how the real system might behave. The random numbers are applied to each activity in the network, and reveals the probability of an activity being on a particular critical path . In a schedule with many activities, it provides good insight into which activities should receive closer management attention.
(Wideman Comparative Glossary of Common Project Management Terms v2.1)
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