A method for calculating the probabilities of outcomes by simulation, running a model many times, using a computer . A Monte Carlo model is an example of a “stochastic” model.
(Wideman Comparative Glossary of Common Project Management Terms v2.1)
Other Definitions
Monte Carlo Simulation– The technique used by project management applications to estimate the likely range of outcomes from a complex random process by simulating the process a large number of times. (Wideman Comparative Glossary of Common Project Management Terms v2.1)
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