What are some common sensitivity analysis techniques?
An example of an AI chatbot conversation about sensitivity analysis techniques in decision-making.
What are some common sensitivity analysis techniques?
Common techniques include Tornado diagrams, Scenario analysis, and Monte Carlo simulation.
Can you explain how a Tornado diagram works?
A Tornado diagram visually displays the impact of different variables on a particular outcome, highlighting the most influential factors.
What is Scenario analysis?
Scenario analysis involves evaluating the effects of different scenarios on outcomes, helping to understand potential risks and opportunities.
How does Monte Carlo simulation differ from other techniques?
Monte Carlo simulation uses random sampling to model the probability of different outcomes, providing a comprehensive risk assessment.
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