Explain the differences between decision making under certainty, decision making under risk, and decision making under uncertainty. Describe Critical Path method. Identify potential issues associated with that method. Consider the three-scenario given with their activity-on-arrow diagrams below. Assume all activities are normally distributed with the mean of 10 days and standard deviation of 3 days. Would you expect all three scenarios to have the same duration? Why/why not? Describe how Monte Carlo Simulation can be used in a project environment. Please give specific examples of the tool used in decision making and risk modeling. Explain the benefits and limitations of Monte Carlo Simulation.

Explain the differences between decision making under certainty, decision making under risk, and decision making under uncertainty. Describe Critical Path method. Identify potential issues associated...

Dec 05, 2021