What is sensitivity analysis in project management?
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What is sensitivity analysis in project management?
Sensitivity analysis is a technique used to determine how different values of an independent variable affect a particular dependent variable under a given set of assumptions.
Why is it important for project managers?
It's important because it helps project managers identify which variables have the most impact on project outcomes, allowing for better risk management and decision-making.
Can you give me an example of how it's applied?
Sure! For instance, in a construction project, sensitivity analysis can help assess how changes in material costs or labor rates affect the overall budget and timeline.
What tools can I use for sensitivity analysis?
Common tools include Excel for basic analysis, and more advanced software like @RISK or Crystal Ball for complex simulations.
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