When using Monte Carlo simulation for risk analysis on a construction project, what is the primary benefit?
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AIt guarantees the project will be completed within the calculated timeline
BIt simplifies risk management by focusing only on schedule risks
CIt provides probabilistic outcomes that account for uncertainty in multiple variables
DIt eliminates the need for expert judgment in risk assessment
✓ Correct answer: C. It provides probabilistic outcomes that account for uncertainty in multiple variablesMonte Carlo simulation's primary benefit is providing probabilistic outcomes by running multiple iterations with different variables, offering a range of possible results rather than a single deterministic answer.
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Theory