A class of quantitative methods that replaces fixed estimate values with three-point or uniform distributions, sets correlations and runs Monte Carlo simulation to obtain a cost distribution (AACE RP 118R-21).
Glossary term
Estimate ranging
A class of quantitative methods that replaces fixed estimate values with three-point or uniform distributions, sets correlations and runs Monte Carlo simulation to obtain a cost distribution (AACE RP 118R-21).
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