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tools used in assessing project risks.

Identifying those project variables which, when varied, have the greatest effect on the acceptability of the project.

Identifying the value of a particular project variable that causes the project to exactly break even.

Comparing a "base$-$case" or expected project measurement $($such as the NPW$)$ with one or more additional scenarios, such as the best case and the worst case, to identify the extreme and most likely project outcomes.

The process of modeling reality to observe and weigh the likelihood of the possible outcomes of a risky undertaking.

A specific type of randomized sampling method in which a random sample of outcomes is generated for a specified probability