Glossary – Chapter 8

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Glossary – Chapter 8
Distribution – Statistical distribution best fitting a given set of data
Expected duration – duration calculated with the assumption that it is the weighted
average of the minimum, most likely, and maximum estimates
Monet carlo simulation – Analytic technique that assumes the values of probabilistic
events by generating a random number and converting this value to the input
distribution
Program evaluation and review technique (PERT) – Probabilistic version of CPM.
Random number – Computer generated number that reflects the input distribution and
parameters specified
Simulation – Method of analyzing models that is useful when high levels of
complexity or uncertainty are present.