A risk manager has to inform a project sponsor of the expected duration of an...

When a project comprises multiple tasks, each with varying probable durations, determining the overall project's expected duration necessitates an analytical approach that accounts for this variability. Monte Carlo simul-ation is a robust technique that performs this function effectively. By running numerous simul-ations, it models the probability of different outcomes in processes that involve random variables, such as task durations. This method provides a comprehensive view of possible project completion times and their associated probabilities, enabling more informed decision-making.

PMI Risk Management Study Guide References:

The PMI-RMP Exam Preparation Study Guide emphasizes the utility of Monte Carlo simul-ations in project scheduling, stating that they "allow project managers to assess the impact of risk and uncertainty on project timelines by simulating various scenarios and their probabilities."