A civil engineering project aims to construct a complex infrastructure system.

The initial cost estimate is $$100$ million, but there is considerable uncertainty in various

factors such as material cost, labor costs, maintenance cost, etc. Using MS$-$excel to utilize

Monte Carlo simulation to generate a probability distribution of total project costs $($assume

standard deviation of cost is $26\%$ of cost$.$ Discuss how this probabilistic approach can

help project managers in decision$-$making and risk assessment. $($Hint: try to make random

data, average $=100$ S$.$D$.=26$ at least $30$ times, find maximum and minimum cost of

construction