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Monte Carolo simulation is a practical tool used in determining contingency and can facilitate more effective management of cost estimate uncertainties. This paper begins with a discussion on the.

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Metrics are parameters or measures of quantitative assessment used for measurement comparison or to track performance or production.

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Drawing a large number of pseudo-random uniform variables from the interval 01 at one time or once at many different times and assigning values less than or equal to 050 as heads and greater than 050 as tails is a Monte Carlo simulation of the behavior of repeatedly tossing a coin. This paper details the process for effectively developing the model for Monte Carlo simulations and reveals some of the intricacies needing special consideration.

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