Answer the following questions using the Unit 5 course materials – both text and online materials:
- Define quantitative risk analysis and the key inputs and outputs.
- What tools and techniques are recommended for quantitative risk analysis?
- Describe the Monte Carlo simulation. What are its key outputs and how do those outputs help the project manager regulate risks?
- How are probability distributions used in quantitative risk analysis?
Provide a short paper (400-600 words in length) containing your answers. Successful papers demonstrate:
- Thoughtful responses that compare/contrast/assess different authors’ perspectives.
- Your insights as well as examples from your personal/work experiences that demonstrate your ability to apply what you are learning.
- Citations documenting the assigned readings were used to answer the questions.
- All references listed correctly at the end of the paper and cited properly in the paper.
