WorksheetsRitaBook1
Total questions: 95
Worksheet time: 1hrs 16mins
A project manager has received some help from the team, and she needs help from them again so that she can create a detailed project budget. Which project management process group is she in?
Initiating
Before the project management process
Planning
Executing
The project charter is created in which project management process group?
Executing
Planning
Closing
Initiating
The project team has just completed the initial project schedule and budget. The next thing to do is to:
Determine communications requirements.
Identify risks.
Begin iterations.
Create a bar (Gantt) chart.
A detailed project schedule can be created only after creating the:
Project budget
Work breakdown structure
Project management plan
Detailed risk assessment
The person who should be in control of the project during project planning is the:
Project manager
Team member
Functional manager
Sponsor
Which of the following is not an input to the initiating process group?
Company processes
Company culture
Historical WBSs
Project scope statement
The project sponsor has just signed the project charter. What is the next thing to do?
Begin to complete work packages.
Validate scope.
Start integrated change control.
Start to create management plans.
The high-level project schedule constraints have just been determined. What project management process group are you in?
Initiating
Planning
Executing
Monitoring and controlling
The WBS and WBS dictionary have been completed, and the project team has begun working on identifying risks. The sponsor contacts the project manager, requesting that the responsibility assignment matrix be issued. The project has a budget of S100,000 and is taking place in three countries using 14 human resources. There is little risk expected for the project, and the project manager has managed many projects similar to this one. What is the next thing to do?
Understand the experience of the sponsor on similar projects.
Create an activity list.
Make sure the project scope is defined.
Complete risk management and issue the responsibility assignment matrix.
A project manager does not have much time to spend on planning before the mandatory start date arrives. He, therefore, wants to move through planning as effectively as possible. What advice would you offer?
Make sure you have a signed project charter and then start the WBS.
Create an activity list before creating a network diagram.
Document all the known risks before you document the high-level assumptions
Finalize the quality management plan before you determine quality metrics.
The best time to assign a project manager to a project is during:
Integration
Project selection
Initiating
Planning
A project manager gets a call from a team member notifying him that there is a variance between the speed of a system on the project and the desired or planned speed. The project manager is surprised because that performance measurement was not identified in planning. If the project manager then evaluates whether the variance warrants a response, he is in which part of the project management process?
Initiating
Executing
Monitoring and controlling
Closing
A team member nitifies the project manager that the activities comprising a work package are no longer appropriate. It would be best for the project manager to be in what part of the project management process?
Corrective action
Integrated change control
Monitoring and controlling
Project closing
During a team meeting, a team member asks about the measurements that will he used on the project to assess performance. The team member feels that some of the measures related to activities assigned to him are not valid measurements. The project is most likely in what part of the project management process?
Closing
Monitoring and controlling
Executing
Initiating
Which of the following is the most appropriate thing to do during the initiating process group?
Create a detailed description of the protected deliverables
Get familiar with the company culture and structure as they relate to the project.
Identify the root cause of problems.
Ensure all project management processes are complete.
Which of the following is a characteristic of project management processes?
Iterative
Unique
Unnecessary
Standardized
Which project management process group generally takes the most project time and resources?
Planning
Design
Executing
Integration
You are managing two protects and have been assigned to a third protect that has just been approved. You begin the new project, and are able to manage it well along with the others you arc managing. During initiating, you are focused on accomplishing a number of activities. Which of the following are you not concerned with at this time?
Identifying and documenting business needs
Creating a project scope statement
Dividing a large project into phases
Accumulating and evaluating historical information
The software development project has progressed according to plan. The team is very enthusiastic about the product they have created. Now they are looking ahead to finding new protects to work on. You caution them that the current project cannot be considered complete until after the closing process group. The closure includes all the following except:
Determining performance measures
Turning over the product of the protect
Documenting the degree to which each project phase was properly closed after its completion
Updating the company's organizational process assets
The first phase of your project has come to an end. What is the most important thing to ensure is done before beginning the next phase?
Verify that the resources are available for the next phase.
Check the project's progress compared to its baselines.
Confirm that the phase has reached its objectives, and have its deliverables formally accepted.
Recommend corrective action to bring the project results in line with project expectations.
During which process group does the team measure and analyze the work being done on the project?
Initiating
Executing
Monitoring and controlling
Closing
Which process groups must be included in every project?
Planning, executing, and closing
Initiating, planning, and executing
Planning, executing, and monitoring, and controlling
Initiating, planning, executing, monitoring and controlling, and closing
Which of the following is the most appropriate thing to do in project closing?
Work with the customer to determine acceptance criteria.
Confirm all the requirements in the project have been met.
Collect historical information from previous projects.
Gain formal approval of the management plans.
Which process group focuses on completing the requirements of the project?
Initiating
Planning
Executing
Closing
All the following occur during the planning process group except:
Develop Project Charter
Create WBS
Estimate Costs
Sequence Activities
A market demand, a business need, and a legal requirement are examples of:
Reasons to hire a project manager
Reasons projects are initiated
Reasons people or businesses become stakeholders
Reasons to sponsor a project
A project has a number of deliverables that are complex and have to be assembled. As the project manager, you know the work breakdown structure will help stakeholders to see interim deliverables that will be integrated into the final project deliverables. To help manage the individual elements, you have used a work breakdown numbering system. This numbering system allows the project team to:
Systematically estimate costs of work breakdown structure elements.
Provide project justification.
Identify the level at which individual elements are found.
Use it in project management software.
The work breakdown structure can best be thought of as an effective aid for _________ communications.
Team
Project manager
Customer
Stakeholder
The product of the project has been completed and delivered to the customer by the team. They are informed by the customer that several of the deliverables are not acceptable, as they do not meet the requirements specified early in the project. The project manager and team review the requirements documentation, and are in agreement that the product deliverables meet the customer's requirements as they understand them. The project manager, who is new to the organization, seeks the advice of the project management office in determining what went wrong. After some discussion, the PMO realizes that the Validate Scope process was not performed appropriately by the project manager. Which of the following is a key output of the Validate Scope process?
A more complete scope management plan
Customer acceptance of project deliverables
Requirements analysis
Confirmation of the project scope statement
During project executing, a team member comes to the project manager because he is not sure what work he needs to accomplish on the project. Which of the following documents contains detailed descriptions of work packages?
WBS dictionary
Activity list
Project scope statement
Scope management plan
During which part of the project management process is the project scope statement created?
Initiating
Planning
Executing
Monitoring and controlling
The program was planned years ago, before there was a massive introduction of new technology. While planning the next project in this program, the project manager has expanded the scope management plan because as a project becomes more complex, the level of uncertainty in the scope:
Remains the same
Decreases
Decreases then increases
Increases
During a meeting with some of the project stakeholders, the project manager is asked to add work to the project scope. The project manager had access to correspondence about the project before the project charter was signed and remembers that the project sponsor specifically denied funding for the scope mentioned by these stakeholders. The best thing for the project manager to do is to:
Let the sponsor know of the stakeholders' requests.
Evaluate the impact of adding the scope.
Tell the stakeholders the scope cannot be added.
Add the work if there is time available in the project schedule.
A new project manager is being mentored by a more experienced PMP-certified project manager. The new project manager is having difficulty finding enough time to manage the project because the project scope is being progressively elaborated. The PMP-certified project manager advises that the basic tools for project management, such as a work breakdown structure, can be used during project execution to assist the project manager. For which of the following can a work breakdown structure be used?
Communicating with the customer
Showing calendar dates for each work package
Identifying the functional managers for each team member.
Describing the business need for the project.
During a project team meeting, a team member suggests an enhancement to the scope that is beyond the scope of the project charter. The project manager points out that the team needs to concentrate on completing all the work and only the work required. This is an example of:
Change management
Scope management
Quality analysis
Scope decomposition
A project has just started the second phase, in which work packages are being created. A new team member has completed his work packages for this phase and has asked the project manager to validate the scope of his work packages. The team member is anxious to have the customer see his work packages. The project manager, although confident in this new team member, wants the team member to gain confidence after the customer sees his work packages. When should the Validate Scope process be done?
At the end of the project
At the beginning of the project
At the end of each phase of the project
During the planning processes
The project is mostly complete. The project has a schedule variance of 300 and a cost variance of -900. All but one of the quality control inspections have been completed, and all have met the quality requirements. All items in the issue log have been resolved. Many of the resources have been released. The sponsor is about to call a meeting to obtain product validation when the customer notifies the project manager that they want to make a major change to the scope. The project manager should:
Meet with the project team to determine if this change can be made.
Ask the customer for a description of the change.
Explain that the change cannot be made at this point in the process.
Inform management.
You have just joined the project management office after five years of working on projects. One of the things you want to introduce to your company is the value of creating and utilizing work breakdown structures. Some of the project managers are angry that you are asking them to do "extra work: Which of the following is the best thing you could tell the project managers to convince them to use work breakdown structures?
Work breakdown structures will prevent work from slipping through the cracks.
Work breakdown structures are of greater value on large projects.
Work breakdown structures are best when the project involves contracts.
Work breakdown structures are the only way to identify risks.
A new project manager has asked you for advice on creating a work breakdown structure. After you explain the process to her, she asks you what software she should use to create the WBS and what she should do with it when it is completed. You might respond that the picture is not the most valuable result of creating a WBS. The most valuable result of a WBS is:
A bar chart
Team buy-in
Activities
A list of risks
To manage a project effectively, work should be broken down into small pieces. Which of the following does not describe how far to decompose the work?
Until it has a meaningful conclusion
Until it cannot be logically subdivided further
Until it can be done by one person
Until it can be realistically estimated
A project manager may use _____________ to make sure the team members clearly know what is included in each of their work packages.
The project scope statement
The product scope
The WBS dictionary
The schedule
On an agile software development project, the project manager asks business stakeholders to create user stories, which will be used in the development and testing of the application. The main purpose of a user story is:
To document the features or functions required by stakeholders
To create a record of issues encountered on the project
To perform a what-if analysis
To communicate progress
The development phase of a new software product is near completion. A number of quality issues have increased the cost of building the product, but the project manager and team feel these costs will be inconsequential once the project gets to market. The next phases are testing and implementation. The project is two weeks ahead of schedule. Which of the following processes should the project manager be most concerned with before moving into the next phase?
Validate Scope
Control Quality
Manage Communications
Control Costs
You are managing a six-month project and have held biweekly meetings with your project stakeholders. After five and-a-half months of work, the project is on schedule and budget, but the stakeholders are not satisfied with the deliverables. This situation will delay the project completion by one month. The most important process that could have prevented this situation is:
Monitor Risks
Control Schedule
Define Scope
Control Scope
All of the following are parts of the scope baseline except the:
Scope management plan
Project scope statement
Work breakdown structure
WRS dictionary
One of the stakeholders on the project contacts the project manager to discuss some additional scope they would like to add to the project. The project manager asks for details in writing and then works through the Control Scope process. What should the project manager do next when the evaluation of the requested scope is complete?
Ask the stakeholder if any more changes are expected.
Complete integrated change control.
Make sure the impact of the change is understood by the stakeholder.
Find out the root cause of why the scope was not identified during project planning.
During the completion of project work, the sponsor asks the project manager to report on how the project is going. In order to prepare the report, the project manager asks each of the team members what percent complete their work is. There is one team member who has been hard to manage from the beginning. In response to being asked what percent complete he is, the team member asks, "Percent complete of what?' Tired of such comments, the project manager reports to the team member's boss that the team member is not cooperating. Which of the following is most likely the real problem?
The project manager did not get buy-in from the manager for the resources on the project.
The project manager did not create an adequate reward system for team members to improve their cooperation.
The project manager should have had a meeting with the team member's boss the first time the team member caused trouble
The project manager did not assign work packages
Being prepared to do a complete job of developing and finalizing the scope baseline requires that you have done a thorough and timely job of identifying and analyzing stakeholders, and of collecting requirements. The development of the scope baseline can best be described as involving:
The functional managers
The project team
All the stakeholders
The business analyst
Which of the following is an output of the Collect Requirements process?
Requirements traceability matrix
Project scope statement
Work breakdown structure
Change requests
The cost performance index (CPI) on the project is 1.13, and the benefit-cost ratio is 1.2. The project scope was created by the team and stakeholders. Requirements have been changing throughout the project. No matter what the project manager has tried to accomplish in managing the project, which of the following is the most likely to face in the future?
Having to cut costs on the project and increase benefits
Making sure the customer has approved the project scope
Not being able to measure completion of the product of the project
Having to add resources to the project
Validate Scope is closely related to:
Control Quality
Sequence Activities
Manage Quality
Schedule Management
A highway renewal project you are managing appears to have some Missing scope. Your understanding of the scope was that the highway was to be resurfaced. Now, one of the construction foremen has come to ask why he finds no mention of repainting the lines on the repaved road. He also wants to know if there are any guard rail replacement work packages in the project. You have seen some of the resurfaced roads that is completed, with the new lines painted on them. Which of the following is most likely to have caused the misinterpretation of the project scope statement?
Imprecise language
Poor pattern, structure, and chronological order
Variations in size of work packages or detail of work
Too much detail
Which of the following is correct in regard to the Control Scope process?
Effective scope definition can lead to a more complete project scope statement.
The Control Scope process must be done before scope planning.
The Control Scope process must be integrated with other control processes.
Controlling the schedule is the most effective way of controlling scope.
Which of the following best describes the Validate Scope process?
It provides assurances that the deliverable meets the specifications, is an input to the project management plan, and is an output of Control Quality
It ensures the deliverable is completed on time, ensures customer acceptance, and shows the deliverable meets specifications.
It ensures customer acceptance, shows the deliverable meets specifications, and provides a chance for differences of opinion to come to light.
It is an output of Control Quality, occurs before Define Scope, and ensures customer acceptance.
Which of the following best describes product analysis?
Working with the customer to determine the product description
Mathematically analyzing the quality desired for the project
Gaining a better understanding of the product of the project in order to create the project scope statement
Determining whether the quality standards on the project can be met
Which of the following best describes the difference between the Control Scope process and the Perform Integrated Change Control process?
Control Scope focuses on making changes to the product scope, and Perform Integrated Change Control focuses on making changes to integration.
Control Scope focuses on controlling the scope of the project, and Perform Integrated Change Control focuses on determining the impact of a change of scope on time, cost, quality, risk, resources, and customer satisfaction.
Control Scope focuses on controlling the scope of the project, and Perform Integrated Change Control focuses on making changes to integration.
Control Scope focuses on making changes to the product scope, and Perform Integrated Change Control focuses on determining the impact of a change to scope, time, cost, quality, risk, resources, and customer satisfaction.
The project was tasked to develop a new software to be used by three sales channels of an auto parts company. The project was consistently on time and within budget, and the stakeholders approved prototypes of the software. However, when the completed software was installed and beta tested, a problem was discovered. Although the software performed as expected on in-store and call center—assisted purchases, it was found to be incompatible with other software necessary to complete online transactions. Therefore, the customer refused to accept the final deliverable, and the team was left to find a new software package that would accommodate all the customer's needs. Which of the following did the team not do?
Collect requirements from the right stakeholders.
Test interim deliverables.
Control stakeholder engagement.
Accurately define product scope.
Understanding the culture, policies, and procedures of the organization in which the project is being performed is most challenging in:
Global organizations
Manufacturing organizations
Small organizations
Agile organizations
A project team is discussing the benefits and drawbacks of working on projects within their organization now that it has become project-oriented. They can agree on many advantages for the team and for the organization, but also agree there are some drawbacks relative to the strong matrix structure the organization used to have. In a project-oriented organization, the project team:
Reports to many bosses
Has no loyalty to the project
Reports to the functional manager
Will not always have a "home"
A project manager is trying to complete a software development project, but cannot get enough attention for the project. Resources are focused on completing process-related work, and the project manager has little authority to assign resources What form of organization must the project manager be working in?
Functional
Matrix
Expediter
CoordinatoR
A project manager has little project experience, but she has been assigned as the project manager of a new project. Because she will be working in a matrix organization to complete her project, she can expect communications to be
Simple
Open and accurate
Complex
Hard to automate
A project team member is talking to another team member and complaining that many people are asking him to do things. If he works in a functional organization, who has the power to give direction to the team member?
The project manager
The functional manager
The team
The PMO
Two project managers have just realized that they are in a weak matrix organization and that their power as project managers is quite limited. One figures out that he is really a project expediter, and the other realizes she is really a project coordinator. How is a project expediter different from a project coordinator?
The project expediter cannot make decisions.
The project expediter can make more decisions.
The project expediter reports to a higher-level manager.
The project expediter has some authority
Who has the most power in a project-oriented organization?
The project manager
The functional manager
The team
They all share power
All the following are characteristics of a project except:
It is temporary.
It has a definite beginning and end.
It has interrelated activities.
It repeats itself every month.
A framework for keeping an organization focused on its overall strategy is:
Organizational project management
The PMBOK Guide
Project governance
Portfolio management
A project manager's primary responsibility is to deliver the product of the project within project constraints. Actions are taken and changes made to the benefit of one constraint could negatively affect another. Which of the following best describes the major constraints on a project?
Scope, number of resources, and cost
Scope, cost, and schedule
Scope, schedule, cost, quality, risk, resources, and customer satisfaction
Schedule, cost, and number of changes
If a project manager is concerned with gathering, integrating, and disseminating the outputs of all project management processes, she should concentrate on improving the:
Work breakdown structure (WBS)
Communications management plan
Project management information system (PMIS)
Scope management plan
A project manager is managing his second project. It started one month after the first one did, and both projects are still in process. Though his first project is small, the new project seems to be quickly growing in size. As each day passes, the project manager is feeling more and more in need of help. The project manager has recently heard that there was another project in the company last year that was similar to his second project. What should he do?
Contact the project manager for the other project, and ask for assistance
Obtain historical records and guidance from the project management office (PMO)
Wait to see if the project is impacted by the growth in scope
Make sure the scope of the project is agreed to by all the stakeholders
To obtain support for the project throughout the performing organization, it's best if the project manager:
Ensures there is a communications management plan
Correlates the need for the project to the organization's strategic plan
Connects the project to the personal objectives of the sponsor
Confirms that the management plan includes the management of team members
Your management team has decided that all orders will be treated as projects and that project managers will be used to update orders daily, to resolve issues, and to ensure the customer formally accepts the product within 30 days of completion. Revenue from the individual orders can vary from $100 to $150,000. The project manager will not be required to perform planning or provide documentation other than daily status. How would you define this situation?
Because each individual order is a "temporary endeavor," each order is a project.
This is program management since there are multiple projects involved.
This is a recurring process.
Orders incurring revenue over $100,000 would be considered projects and would involve project management.
As a project manager, you have had to develop skills to help plan and manage projects successfully. Which skills would best help you encourage project teams to reach levels of high cooperation and achievement, promote a positive relationship with sellers on a project, and involve stakeholders appropriately through all aspects of the project?
Active listening, negotiating, and political awareness
Networking, communication models, and SWOT
Sensitivity analysis, active listening, and leadership
Communication methods, team building, and claims administration
A project team is working on manufacturing a new product, but they are having difficulty creating a project charter. What is the best description of the real problem?
They have not identified the project objectives
They are working on a process and not a project
The end date has not been set
They have not identified the product of the project
One of your team members informs you that he does not know which of the many projects he is working on is the most important. Who should determine the priorities between projects in a company?
The project manager
The project management team
The project management office (PMO)
The project team
The difference between a project, program, and portfolio is:
A project is a temporary endeavor with a beginning and an end, a program may include other non project work, and a portfolio is all the projects in a given department or division
A project is a lengthy endeavor with a beginning and an end, a program combines two or more unrelated projects, and a portfolio combines two or more programs
A project is a temporary endeavor with a beginning and an end, a program is a group of related projects, and a portfolio is a group of projects and programs related to a specific strategic organizational objective
A project is a contracted endeavor with a beginning and an end, a portfolio is a group of projects with more open-ended completion dates, and a program combines two or more portfolios
Operational work is different from project work in that operational work is:
Unique
Temporary
Ongoing and repetitive
Apart from every project activity
Company procedures require the creation of lessons learned register. Which of the following is the best use of lessons learned?
Historical records for future projects
Planning record for the current project
Informing the team about what the project manager has done
Informing the team about the project management plan
A complex aerospace engineering project is nearing completion. Because the work was highly technical and new to the organization, the product of the project was released two months later than planned. Despite the late delivery, management is appreciative of the effort expended and believes that this product will generate additional opportunities for the organization. Management also thinks that the experience of this team will provide great value for teams working on similar projects in the future. The sponsor requests that lessons learned to be thoroughly documented. Lessons learned are best completed by:
The project manager
The team
The sponsor
The stakeholders
Consideration of ongoing operations and maintenance is crucially important to the products of projects. Ongoing operations and maintenance should:
Be included as activities to be performed during project closure
Be a separate phase in the project life cycle because a large portion of life cycle costs is devoted to maintenance and operations
Not be viewed as part of a project
Be viewed as a separate project
What is a program?
An initiative set up by management
A means to gain benefits and control of related projects
A group of unrelated projects managed in a coordinated way
Government regulation
A company is making an effort to improve its project performance and create historical records of past projects. What is the best way to accomplish this?
Create project management plans
Create lessons learned
Create network diagrams
Create status reports
A project manager is informed midway through project planning that she was given inaccurate data regarding new regulations affecting the required end date of her project. She may need to make a few adjustments, but she thinks she can still manage the project to complete it before the regulations take effect. She confirms this by analyzing the sequence of activities with the least amount of scheduling flexibility. What technique is she using?
Critical path method
Flowchart
Precedence diagramming
Work breakdown structure
A design engineer is helping to ensure that the dependencies within her area of expertise are properly defined on the project. The design of several deliverables must be complete before manufacturing can begin. This is an example of what type of dependency?
Discretionary dependency
External dependency
Mandatory dependency
Scope dependency
Your sponsor and stakeholders have made it clear they wish to be kept informed on the project status. There are many aspects of the project on which you will report, and you want to choose the most appropriate tool to use in each case. Which of the following are generally illustrated better by bar charts than network diagrams?
Logical relationships
Critical paths
Resource trade-offs
Progress or status
A heuristic is best described as a:
Control tool
Scheduling method
Planning tool
Generally accepted rule
Lag means:
The amount of time an activity can be delayed without delaying the project finish date
The amount of time an activity can be delayed without delaying the early start date of its successor
Waiting time
The product of a forward and backward pass
A project manager is new to the company but has 10 years of project management experience. She is given a medium-sized project and is asked to plan so it is finished as quickly as possible because the company has a large list of projects to complete in the coming year. She will be given another project to manage as soon as she has this one baselined. She needs to report on the longest time the project will take. Which of the following is the best project management tool to use to determine this?
Work breakdown structure
Network diagram
Bar chart
Project charter
Which of the following is correct
The critical path helps prove how long the project will take
There can be only one critical path.
The network diagram will change every time the end date changes
A project can never have a negative float
A new project manager is walking you through the schedule she has created for her project. She asks you about the duration of a particular milestone, so she knows how to properly schedule it. What will you tell her about a milestone's duration?
It is shorter than the duration of the longest activity
It is shorter than the activity it represents.
It has no duration
It is the same length as the activity it represents
Which of the following best describes the relationship between standard deviation and risk?
There is no relationship
Standard deviation tells you if the estimate is accurate.
Standard deviation tells you how uncertain the estimate is
Standard deviation tells you if the estimate includes a pad
The float of activity is determined by:
Performing a Monte Carlo analysis
Determining the waiting the between activities
Determining lag
Determining the length of time the activity can be delayed without delaying the critical path
To help them determine the schedule baseline, the team has drafted a network diagram. The project manager adds the time estimates for each activity to establish a critical path for the project. They discover the project has three critical paths. Which of the following best describes how this discovery will affect the project?
It makes it easier to manage
It increases the project risk
It requires more people
It makes it more expensive
The team is working on a project to develop or procure a customized software package that will be used by delivery drivers for a new chain of pizza restaurants. There are multiple stakeholders on this project. Because of other ongoing projects to design, build, and equip brick-and-mortar restaurant locations, you are informed that there is no rush to complete this software development work. If project time and cost are not as important as the number of resources used each month, which of the following is the best thing to do?
Perform a Monte Carlo analysis
Fast track the project
Perform resource optimization
Analyze the life cycle costs
You have identified a diverse group of stakeholders, and you will need to report information in a variety of ways to meet their different communications needs. When will you use a milestone chart instead of a bar chart?
Project planning
Reporting to team members
Reporting to management
Risk analysis
The organization is committed to rolling out a new cell phone accessory at an industry trade show in six months. The sponsor has made it clear that this product, to be created by your project team, must meet a long list of requirements, adhere to high-quality standards, and, most importantly, be ready in time for the trade show. The sponsor has promised to commit as many resources as necessary for you to complete the project within these constraints. Your project management plan results in a project schedule that is too long. If the project network diagram cannot change but you have extra personnel resources, what is the best thing to do?
Fast track the project
Level the resources
Crash the project
Perform Monte Carlo analysis
