Kaylee works as a risk manager working in collaboration with Alyssa, a project manager, and both work for a top healthcare firm. They are currently in the process of displaying risk analysis. To determine the most likely date of project completion, based on known risks, they run a simulation using a risk management tool that will run through thousands of possible scenarios. What tool are they practicing?
Kaylee and Alyssa are using the Monte Carlo analysis, which simulates the combined effects of individual project risks and other sources of uncertainty to determine their potential impact on the project objectives.