Alright, this one sounds fancy, but let’s break it down. Monte Carlo Simulation is a way to predict project risks and outcomes by running hundreds or thousands of simulations based on probability.
🎲 Think of it like rolling dice thousands of times to see what results come up the most!
Why It’s Useful:
- Helps forecast project completion times.
- Shows the likelihood of cost overruns.
- Gives a data-driven view of potential risks.
Example:
A project manager wants to know if a software release will be delayed. Monte Carlo Simulation runs 1,000 possible scenarios and predicts there’s a 70% chance of finishing on time. Now, the manager can plan accordingly.
🤖 Basically, it’s risk management on steroids!
