Question: What is the first step in a Monte Carlo analysis? What is the first step in a Monte Carlo analysis? Run a deterministic analysis or

What is the first step in a Monte Carlo analysis? What is the first step in a Monte Carlo analysis? Run a deterministic analysis or one pass through the model using the combination of values selected for each one of the variables. Collect the most likely, optimistic, and pessimistic estimates for the variables in the model. For each variable, such as the time estimate for a task, select a random value based on the probability distribution for the occurrence of the variable. Determine the probability distribution of each variable

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