Use of Risk Management tools

Mansoor Mustafa Senior PM| Government Department Rawalpindi Punjab, Pakistan

What is the efficacy for use of Hyper Latin cube in Perform Quantitative Risk Management.

Posted: Nov 24, 2017 8:11 AM

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Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada

Mansoor -

If I recall, Latin Hypercube is just a statistical sampling method which provides a well distributed set of unique data points. From a quantitative risk assessment perspective, it might be used in place of a modeling technique such as Monte Carlo to enable determination of a range of possible cost or schedule outcomes based on the realization of a specific risk event.

Kiron

Posted: Nov 24, 2017 9:32 AM

Vincent Guerard Coach - Trainer - Speaker - Advisor| Freelance Mont-Royal, Quebec, Canada

Mansoor,

Like Kiron say Latin HyperCube is a sampling method different then Monte Carlo.

For a technical difference these two link may help you
https://en.wikipedia.org/wiki/Latin_hypercube_sampling
http://kb.palisade.com/index.php?pg=kb.page&id=28

Posted: Nov 24, 2017 10:07 AM

Mansoor Mustafa Senior PM| Government Department Rawalpindi Punjab, Pakistan

Kiron and Vincent very thankful of you people for valuable information and guidance

Posted: Nov 25, 2017 3:06 AM

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