The program evaluation and review technique (PERT) is used widely in project decisions. Similarly, a Monte Carlo simulation is one approach to dealing with uncertainty in a decision.
Use your course materials to write a paper that provides a detailed explanation using the following to guide you:
Explain the PERT method and how it can be used in project analysis.
Describe the Monte Carlo simulation to estimate the possible outcomes of uncertain events and risks (support your thoughts through research).
Provide an example of how you would use the Monte Carlo simulation in a decision-making process.
