Probabilistic analysis

Probabilistic analysis is a method used to assess uncertainties by evaluating the likelihood of different outcomes. Instead of providing a single predicted result, it considers various possibilities and their probabilities, helping you understand the range of potential risks and benefits. This approach is useful in decision-making when outcomes are uncertain, such as financial planning, engineering, or project management, allowing you to make more informed choices by accounting for possible variability and assessing the chances of different scenarios occurring.