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Question
What is the first step in a Monte Carlo analysis?a. Determine the probability distribution of each variable.
b. For each variable, such as the time estimate for a task, select a random value based on the probability distribution for the occurrence of the variable.
c. Assess the range for the variables being considered.
d. Run a deterministic analysis or one pass through the model using the combination of values selected for each one of the variables.
Answer
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