What is the primary benefit of using Monte Carlo Simulation in project risk management?
To ensure all identified risks are accounted for and eliminated, guaranteeing that the project will proceed without any uncertainty on potential risks.
To offer a definitive visualization of all risks on a probability curve, eliminating the need for supplementary qualitative risk assessment.
To forecast a range of possible project outcomes based on risk inputs and to guide the development of risk response strategies.
To precisely project completion dates and costs by deterministically computing the exact impact of all identified project risks.