EVM Glossary of Terms for EVMS

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EVM Glossary A to M

A | B | C | D | E | F | G | H | I | J | K | L | M | Terms N to Z

A  
Accrued Costs The concept of recognizing costs at the time of actual constructive receipt of goods and services, regardless of whether an invoice has been received and actual payment made.
Activity A time and resource consuming component of a schedule.
Actual Cost (AC) See Actual Cost of Work Performed (ACWP).
Actual Cost of Work Performed (ACWP) The costs actually incurred and recorded in accomplishing the work performed within a given time period. The ACWP may include estimated actual costs or accruals of significant material items for which performance has been claimed but invoice payment has not been recorded in the accounting system.
Actual Direct Costs Those costs identified specifically with a contract, based upon the contractor's cost identification and accumulation system.
Advance Agreement (AA) An agreement between the contractor and an agent of the cognizant federal agency that recognizes the application of a validated EVMS to contracts within the corporation, division, or facility.
Allocated Budget See Total Allocated Budget.
Applied Direct Cost The actual direct costs recognized in the time period associated with the consumption of labor, material and other direct resources without regard to their date of commitment or the date of payment. These amounts are charged to work-in-process when any of the following takes place:
  1. Labor, material and other direct resources are actually consumed.
  2. Material resources are withdrawn from inventory for use.
  3. Material resources are received that are uniquely identified to the contract and scheduled for use within sixty (60) days.
  4. Major components or assemblies that are specifically and uniquely identified to single, serially numbered end-item that are received on a line flow basis.
  5. Progress payments are made to suppliers for resources consumed.
Apportioned Effort A method of planning and measuring the earned value for effort that is both (a) related in direct proportion to measured effort and (b) by itself is not readily measurable or broken into discrete work packages. Read More
At Completion Variance See Variance at Completion.
Authorized Unpriced Work (AUW) Work that the customer has authorized to be performed, but for which a formal proposal has not yet been submitted or negotiated.Read More
Authorized Work Effort that has been definitized and is on contract, plus that effort for which definitized contract costs have not been agreed to, but for which written authorization has been received.
B  
Backward Pass A method of analyzing the schedule by starting with the required end date and working backwards through the network to determine when prior activities must start and finish supporting the defined completion date. The Backward Pass determines the late dates, i.e. the latest any activity in the network can start or finish supporting the overall required completion date of the network. The Backward Pass also establishes the total float in the network.
Bar Chart A schedule charting technique that graphically displays when specific activities are to take place. Also known as a Gantt Chart.
Baseline The original plan for a project, control account, or work package plus or minus approved scope changes. Also see Performance Measurement Baseline.
Baseline Change An approved scope, schedule, and/or budget revision to an approved baseline.
Baseline Change Request (BCR) Document authorizing a change to a control account work authorization. It explains the changes in the scope of work, schedule, and/or budget.
Baseline Execution Index (BEI) The BEI measures the activities that were completed as a percentage of the activities that should have been completed per the original (baseline) plan. Well executed schedules have a BEI of 0.95 or greater.
Basis of Estimate (BOE) The descriptive document to support the proposal's cost basis, including all necessary details; such as, technical aspects, labor and overhead rates, subcontractor estimates, material, etc.
Bill of Material (BOM) A list of the material requirements for the task or project.
Bottom-up Approach The bottom-up scheduling technique begins schedule development at the lowest level of the network, i.e., at the activity level, and then summarizes to higher levels of the Work Breakdown Structure. This low level of definition illustrates the activities required to complete an established deliverable, goal or milestone, and identifies additional milestones that could affect the final outcome of the project.
Budget The time-phased budgeted value for planned work. It is a plan for value of work to be accomplished and is compared with Earned Value to determine overall schedule position. Also referred to as Budgeted Cost for Work Scheduled (BCWS).
Budget At Completion (BAC) The sum of all performance budgets established for the contract. BAC is a term that may also be applied to lower levels, such as the PMB or at the control account level.
Budgeted Cost for Work Performed (BCWP) The creation, use and analysis of the earned value data element, BCWP, is what makes earned value management systems unique. BCWP is the value of completed work expressed in the same units of measurement as the budget value assigned to that work. This is equal to the sum of the budgets for completed work packages, completed portions of open work packages, apportioned effort earned on the base tasks, and the value of Level of Effort (LOE) activities. BCWP is synonymous with Earned Value. Read More
Budgeted Cost for Work Scheduled (BCWS) The sum of the performance budgets for all work scheduled to be accomplished within a given time period. This includes detailed work packages, apportioned effort, LOE packages, planning packages, and Summary Level Planning Packages. Learn More
Budgeted Cost of Work Remaining (BCWR) The total of the performance budgets for all work yet to be accomplished.Read More
Burden The costs incurred by an organization for common or joint objectives that cannot be identified specifically with a particular project or activity and thus are distributed over the appropriate direct labor and/or material base (also known as indirect costs and overhead costs).
C  
Change Order A formal authorization by the procuring contracting officer for a change of scope to an existing contract.
Chart of Accounts A formally maintained and controlled identification of the cost elements (labor by type, material, allocation of overheads, etc.).
Cognizant Federal Agency (CFA) The federal agency responsible for a contract and the validation of the contractor’s EVMS as being compliant with the EIA-748 Standard for Earned Value Management Systems. A CFA may accept another CFA’s validation of a contractor’s EVM system.
Commitments The incurrence of a liability for goods or services. It is that portion of the goods or services that have been ordered, but not received. The point where a company enters into an agreement with a supplier, generally when a purchase order is transmitted is considered the point of original commitment.
Contract Budget Base (CBB) The sum of the negotiated contract cost plus the estimated cost of authorized unpriced work (AUW).
Contract Data Requirements List (CDRL) A compilation of all data requirements, made part of the contract, and which the contractor is obligated to deliver to the government. These requirements are assigned sequence numbers and itemized on the CDRL.
Contract End Item (CEI) Item specified for contract delivery.
Contract Funds Status Report (CFSR) A contractually required DOD report, defined in Defense Acquisition Guidebook and Department of Defense Instruction 5000.02 and in Data Item Description DI-MGMT-81468, that provides information to:
  1. Update and forecast contract fund requirements.
  2. Plan and decide on funding changes.
  3. Develop fund requirements and budget estimates in support of approved projects.
Contract Line Item Supplies or service that appears as an itemized entry in the contract.
Contract Line Item Number (CLIN) A unique number for a contract line item.
Contract Management Office (CMO) The government organization assigned responsibility for ensuring that the contractor complies with the terms and conditions of the contract. This is normally assigned to the Defense Contract Management Agency (DCMA).
Contract Performance Report (CPR) The Contract Performance Report (CPR) is a contractually required report to the customer as defined in Department of Defense Instruction 5000.02 and in Data Item Description (DID) DI-MGMT-81466A. The CPR is normally prepared each month to formally provide technical, schedule and cost status information for company project management and for the government customer on major projects (typically $20M or more or as defined in the contract). The purpose of the CPR is to provide early identification of problems that may have significant cost, schedule and/or technical impacts, and report the effects of management actions and project status information for use in making and validating management decisions. Read More
Contract Target Cost (CTC) The dollar value (excluding fee or profit) negotiated in the original contract plus the cumulative cost (excluding fee or profit) applicable to all definitized changes to the contract. It consists of the estimated cost negotiated for a cost plus fixed fee contract and the definitized target cost for an incentive contract. The contract target cost does not include the value of authorized unpriced work, and is thus equal to the contract budget base only when all authorized work has been negotiated/definitized.
Contract Target Price (CTP) The negotiated cost plus planned profit or fee.
Contract Work Breakdown Structure (CWBS) The complete WBS for a contract. It includes the government or customer approved WBS for reporting purposes and its discretionary extension to the lower levels by the contractor, in accordance with MIL-STD-881 (current version) and the contract statement of work. It includes all the elements for the hardware, software, data, and/or services that are the responsibility of the contractor.
Contractor Cost Data Report (CCDR) A contractually required series of reports defined in Defense Acquisition Guidebook and Department of Defense Instruction 5000.02. They provide the DOD components with contract cost and related data to aid in acquisition management cost estimating, programming, budgeting and procurement responsibilities.
Control Account (CA) A management control point at which budgets (resource plans) and actual costs are accumulated and compared to earned value for management control purposes. A control account is a natural management point for planning and control since it represents the work assigned to one responsible organizational element (or work team) for a single project WBS element.
Control Account Manager (CAM) A single manager within the organizational structure who has been given the authority and responsibility to manage one or more control accounts.Read More
Control Account Plan (CAP) The detailed plan prepared by the CAM showing time phased planning of tasks, by element of cost (EOC), and the associated budgets for all work packages and planning packages within a control account.
Cost Accounting Disclosure Statement (CADS) A seven-part document designed to meet the requirements of Public Law 100-679, describing the contractor and its contract cost accounting practices.
Cost Accounting Standards (CAS) A set of 19 standards and rules designed to achieve uniformity and consistency in the measurement, assignment, and allocation of costs to government contracts.
Cost Element Synonymous with Element of Cost (EOC). Cost elements are types of costs such as direct labor, direct material, subcontracts, and other direct costs.
Cost Performance Index (CPIE) An indicator of the cost efficiency at which work is being performed. CPI = BCWP/ACWP. If the result is greater than 1.0, the CPI indicates that the work was performed in a more cost efficient manner and for less cost than was planned. Conversely, if the result is less than 1.0, the CPI indicates a less efficient use of resources at a cost greater than planned.
Cost Performance Index (CPIP) The ratio of actual cost expenditure to earned value. It is the reciprocal of CPIE and under the performance concept, the purpose of the CPIP is to indicate the actual cost of each planned dollar of work accomplished.
Cost Plus Award Fee (CPAF) A type of cost plus contract that pays a fee based on the contractor's work performance. In some contracts, the fee is determined subjectively by an awards fee board; whereas in others the fee is based on objective performance metrics.
Cost Plus Fixed Fee (CPFF) A type of cost plus contract that pays a pre-determined fee that was agreed upon at the time of contract formation.
Cost Plus Incentive Fee (CPIF) A type of cost plus contract that has a larger fee awarded for contracts which meet or exceed performance targets, including any cost savings.
Cost Variance (CV) The difference between Budgeted Cost for Work Performed (BCWP) and Actual Cost of Work Performed (ACWP). CV = BCWP - ACWP. A positive value indicates a favorable position and a negative value indicates an unfavorable condition.
Critical Path A sequence of discrete work packages and planning packages (or lower level tasks/activities) in the network that has the longest total duration through an end point that is calculated by the schedule software application. Discrete work packages and planning packages (or lower level tasks/activities) along the critical path have the least amount of float/slack (scheduling flexibility) and cannot be delayed without delaying the finish time of the end point effort. 'Critical Path' has the same definition as 'Project Critical Path' with the exception that the end point can be a milestone or other point of interest in the schedule. Example: a critical path could be run to PDR, CDR, and/or first flight, etc. within a system development demonstration contract.
Critical Path Length Index (CPLI) The CPLI is an indicator of the likelihood of completing the schedule on time. A CPLI of 1.00 means the project must accomplish one day's worth of work for every day that passes. A CPLI less than 1.00 means the project schedule execution is inefficient with regard to the schedule completion (i.e., slipping from the baseline date). Likewise, a CPLI greater than 1.00 means that the project schedule is running efficiently in relationship to the schedule end (i.e., finishing before the baseline date).
Critical Path Method (CPM) A scheduling methodology/management technique that makes analytical use of information regarding the critical path and other sequential paths through the schedule logic network.
Current Execution Index (CEI) The CEI is an indicator of how well the near term schedule represented what actually occurred within a status period (i.e., was the schedule a good predictive model). The index maximum is 1.00; a sound forecast schedule will trend in the greater than 80th percentile range. Anything below 80% is an indication that work is slipping to the right.
D  
Data Item Description (DID) A government form that describes the required inputs for completing government report formats. The DID is typically referenced in the contract’s Contract Data Requirements List (CDRL).
Defense Contract Audit Agency (DCAA) The DOD organization tasked with monitoring a contractor’s design and implementation of an acceptable accounting system.
Defense Contract Management Agency (DCMA) The Department of Defense (DOD) component that works directly with Defense suppliers to help ensure that DOD, Federal, and allied government supplies and services are delivered on time, at projected cost, and meet all performance requirements. One of DCMA’s functions is to provide oversight of the contractor’s earned value management system.
Detail Schedules Schedules developed for the lowest level of work. They normally contain all the data (e.g., milestones, need dates, activities) and major constraints associated with higher tier schedules. Also see Integrated Master Schedule (IMS).
DI-MGMT-81466A Data item description (DID) for the Contract Performance Report (CPR) formats.
DI-MGMT-81466B Data item description (DID) for the Integrated Program Management Report (IPMR) formats.
DI-MGMT-81468 Data item description (DID) for the Contract Funds Status Report (CFSR).
DI-MGMT-81650 Data item description (DID) for the Integrated Master Schedule (IMS).
Direct Cost That portion of labor, material, and other direct costs (ODCs) incurred or expended to meet contractual specifications for an end product or other related service specifically identifiable to the contractually authorized task. These costs are charged directly and finally to the contract, without distribution to an overhead unit.
Direct Labor That portion of labor expended in the actual design, tooling, testing and the physical application of labor to material altering its shape, form, nature, or fulfilling a contractual requirement for service.
Directed Dates Specific dates applied to schedule network logic that supersede the network calculations.
Discrete Effort Tasks that are directly related to the completion of project specific end-products or services, and can be directly planned and measured.
Distributed Budget The budget divided into specific control accounts: discrete effort, apportioned effort, and level of effort work packages. The remainder of distributed budget may be assigned to long range planning packages that will later be divided into work packages in accordance with the rolling wave technique.
E  
Early Finish (EF) The earliest an activity can finish based on the schedule logic and assigned durations. It assumes that all previous project activities start and finish on their earliest possible dates.
Early Start (ES) The earliest an activity can start based on the schedule logic and assigned durations. It assumes that all previous project activities start and finish on their earliest possible dates.
Earned Value (EV) The term Earned Value is often used to describe both a management system and a data item produced from that system, the budget value for completed work (See Budgeted Cost for Work Performed – BCWP). Read More
Earned Value Management System (EVMS) The processes and procedures for managing certain contracts and projects.
Earned Value Management Implementation Guide (EVMIG) A document that provides guidance to be used during the implementation and surveillance of an EVMS established in compliance with DOD Guidelines.
Earned Value Management System Guidelines (EVMSG) The set of 32 guidelines established by the EIA-748 that defines the requirements that an EVMS must meet.
Earned Value Technique (EVT) Defines the method used to earn budgeted value for work accomplished on a control account or work package. Examples of EVTs include weighted milestones, percent complete, 50/50, and level of effort.
Efficiency Variance The efficiency variance is the difference between earned hours and actual hours, expended expressed in dollars. It is calculated by the formula: (earned hours - actual hours) x earned hourly rate.
EIA-748 The Electronic Industries Alliance (EIA)–748 revision C was recently released. The EIA-748-C contains a set of 32 Guidelines that defines the requirements that an Earned Value Management System (EVMS) must meet and is the governing document for its application. Read More
Element of Cost (EOC) See Cost Element.
Engineering Change Proposal (ECP) A proposed change, addition, or deletion to the basic contract, initiated by contractor or the customer. The term includes both the proposed engineering change and the documentation by which the change is described.
Equivalent Units Technique This earned value technique is used for work packages that contain a series of like units with repetitive operations, with planning based on unit standards, standard hours and pay points. It is the most detailed method for earned value determination.
Estimate at Completion (EAC) The current projected cost of performing all authorized work at any level of the project; i.e., work package to total contract. It includes all actual direct costs, plus indirect costs allocable to the contract, plus the estimate of costs (direct and indirect) for authorized work remaining. EAC = Cumulative ACWP + Estimate to Complete.
Estimate to Complete (ETC) The value (in dollars and/or hours) developed to represent a realistic appraisal of the cost of the work still required to be accomplished in completing a task or the project.
Estimated ACWP A directed entry for ACWP in the EVMS to ensure that ACWP is recorded in the same period as the BCWP to prevent unnecessary variances when there is an accounting lag (material receipt, when invoice is received, and when the invoice is paid) for material items or subcontract work effort.  The estimated ACWP in the EVMS is replaced with the true actual cost recorded in the accounting system when the data becomes available (a routine accounting adjustment).
External Change Customer directed changes to the contract that can be in the form of a definitized change order or an authorized unpriced change order that calls for a change in the original plan, most often as a change in the scope of the contract in terms of a cost, schedule, or technical parameters or a combination thereof.
Event A network component, usually a milestone that occurs at a particular instant in time and does not consume time or resources in a schedule network diagram.
F  
50/50 Technique This earned value technique is used when work packages are scheduled to begin in one period and be completed within two consecutive accounting periods or less. The 50/50 technique is typically used when the work package begins in one reporting period and completes in the next reporting period.
Finish-To-Finish (FF) A relationship between two activities that states that one activity cannot finish until another activity finishes, although they may both start independent of each other.
Finish-To-Start (FS) A relationship between two activities that states that one activity cannot start until a prior activity finishes.
Firm Fixed Price (FFP) Also called Lump Sum. A specific price agreed to before award of the contract and not subject to adjustment except for customer approved changes in the scope of work.
Fixed Price Incentive Fee (FPIF) A type of fixed price contract that specifies a target cost, a target profit, a target price, a ceiling price, and one or more share ratios; i.e. the incentive fee.
Float The amount of time that a task can be delayed without delaying the finish date of the schedule or succeeding task(s). Float is synonymous with slack.
Flow Process Chart A graphical presentation used in Line Of Balance (LOB) scheduling that shows the cumulative delivery requirement for the product being manufactured. See "Setback Chart" and "Line Of Balance".
Formal Reprogramming Replanning of the effort remaining in the contract, resulting in a new budget allocation and a performance measurement baseline (PMB) that exceeds the contact budget base (CBB). This process may adjust or eliminate cumulative schedule and cost variances. Formal reprogramming actions require customer coordination and/or approval prior to implementation. See also over target baseline (OTB).
Forward Pass A calculation through the network logic to determine the earliest that each subsequent activity can start and the earliest that the project can finish. The Forward Pass determines the early dates for all activities.
Fragnets Standardized network modules that describe a specific task or series of tasks, used repetitively as needed in the development of a network.
Free Float Defines the amount of time an activity can be delayed or extended without impacting the succeeding activity in the network. It is determined by comparing the early finish of an activity and the early start of the next activity.
"Fully Crashed" Critical Path A "fully crashed" critical path means that all of the activities along that path have been shortened as much as possible.
Functional Organization An organization or group of organizations with a common operational orientation such as Quality Control, Engineering, Software Engineering, Manufacturing and Constructing Crafts, Purchasing, and Accounting.
G  
Gantt Chart A schedule charting technique that graphically displays when specific activities are to take place. Also known as a Bar Chart.
General and Administrative (G&A) Expenses incurred in the direction, control, and administration of a company. These expenses are spread over the total direct base as documented in the CAS Disclosure Statement.
H  
Hammocks A group or series of activities and their related logic. Duration is based upon the start of the first event and the finish of the last event in a series of sequential activities.
Historical Traceability The ability to accurately track changes over time so that all estimates, scope, schedule, and budget can be related to each other and to the total project.
Horizontal Traceability Horizontal traceability, or integration, means that schedules independently maintained by different divisions or departments, or between subcontractors, reflect the same schedule dates between schedules at the same level of detail. Horizontal integration is demonstrated by linking predecessor and successor relationships to a supportable and rational plan that summarizes vertically to support the higher level project plan.
I  
Incremental Milestone Technique This earned value technique is generally used when discrete work packages exceed two months in duration.
Independent Estimate at Completion (IEAC) A mathematically computed forecast based on performance to date and the mathematical projection of this performance to derive the estimated contract cost at completion.
Independent Estimated Completion Date (IECD) Mathematically computed forecasts based on either performance (EV) or planned (PV) to derive an estimated completion date.
Indirect Budget See Burden.
Indirect Costs See Burden.
Integrated Baseline Review (IBR) A formal review conducted by the internal or external customer. The objective of the IBR is to develop a mutual understanding of the performance measurement baseline (PMB) and the associated risks.
Integrated Master Plan (IMP) An event-based plan consisting of a hierarchy of project events, with each event supported by specific accomplishments, and each accomplishment associated with specific criteria to be satisfied for its completion. In many instances, IMP events are specified in a contract.
Integrated Master Schedule (IMS) A schedule network that contains all the detailed work packages (including activities and milestones) and planning packages to support the events, accomplishments, and criteria of the IMP (if applicable). It is directly traceable to the CWBS and the contract statement of work. The IMP and IMS are used to track and execute the project.
Integrated Product Team (IPT) A grouping of project personnel along project objective lines rather than along organizational lines. Integrated product teams are work teams that represent a transition from a functional organization structure to a multi-functional project objective arrangement.
Integrated Program Management Report (IPMR) The Integrated Program Management Report (IPMR) as described in Data Item Description DI-MGMT-81861 is a contractually required report to the customer per the Department of Defense Instruction 5000.02. It was issued June 20, 2012, and supersedes the Contract Performance Report defined in Data Item Description (DID) DI-MGMT-81466A. The IPMR is normally prepared each month to formally provide technical, schedule and cost status information for company project management and for the government customer on major projects (typically $20M or more or as defined in the contract). The purpose of the IPMR is to provide early identification of problems that may have significant cost, schedule and/or technical impacts, and report the effects of management actions and project status information for use in making and validating management decisions. Read More
Interim Budget Budget furnished to projects or control accounts on an interim basis for contractually authorized tasks for which a firm bid or estimate may not yet have been completed. This budget may be for the baseline planning of work and/or to cover scope of the authorized work that must begin immediately. These amounts are entered into the Budget Logs until replaced by firm budget amounts. Interim budget will be replaced by firm budget amounts upon submittal of an estimate for the authorized work, and will be adjusted, if needed, upon negotiations with the customer.
Intermediate Schedule Intermediate schedules provide a transition from the master project schedule (MPS) to the detail schedules. Like the MPS, intermediate schedules are drawn from the IMS by summarizing detailed activities to a predetermined level of the CWBS, usually level 3 or level 4.
Internal Replanning Replanning actions performed by a project for remaining scope of work within the budget and schedule constraints of the contract. The company is required to notify the customer of all internal replanning actions (usually as part of the monthly performance report), but the customer has no approval/ disapproval authority over this action.
Internal Variance Thresholds Variance thresholds established by the project manager, typically at the control account level, that may be equal to or more stringent than the contract reporting thresholds. The project manager may change internal variance thresholds during the period of contract performance.
L  
Labor Efficiency or Usage Variance The difference between earned hours and actual hours, expressed in dollars. When applied to labor cost variances, it is defined by the formula: (earned hours - actual Hours) x earned hourly rate.
Labor Rate Variances The portion of a labor cost variance that is caused by a difference between the earned labor rate and the actual labor rate. Labor rate variance expressed as dollars = (earned rate - actual rate) x actual hours.
Lags Introduction of a time delay between activities in a network. A lag may be positive or negative and indicates the amount time delay in an activity relationship. Lags may be used with any activity relationship.
Late Finish (LF) The latest that an activity can finish and still support the overall required completion date of the project based on the schedule logic and defined durations.
Late Start (LS) The latest that an activity can start and still support the overall required completion date of the project based on the schedule logic and defined durations.
Learning Curve An adjustment to productivity rates in the development of an estimate that reflects the fact that the per unit cost of manufacturing or installing a unit decreases as the number of units increases.
Level of Effort (LOE) Effort of a general or supportive nature that does not produce finite end products and cannot be practically measured by discrete earned value techniques. Earned value is measured by the passage of time. For LOE activity, BCWP = BCWS.Read More
Line Of Balance (LOB) A scheduling technique employed in manufacturing that relies on production rates at specific checkpoints in the manufacturing or production process, comparing planned and actual product counts.
M  
Major Subcontractor A subcontractor performing a complex portion of a contract that requires a flow down of EVMS and reporting requirements with various degrees of system integration, reviews, acceptance and control of subcontractor system and reporting. Major subcontractors are designated as a result of customer negotiation or by management direction.
Management Reserve (MR) Management Reserve (MR) is an amount of the contract budget set aside by the project manager at the beginning of a project. The sum of the Performance Measurement Baseline (PMB) and MR equals the Contract Budget Base (CBB). By definition, Management Reserve does not have a specific scope of work and therefore it is not part of the PMB. Management Reserve is established to provide budget for known-unknowns that are within the scope of the contract but out of scope to any control account. Read More
Master Project Schedule (MPS) A summary level schedule for a project depicting overall project phasing and interfaces, contractual milestones, and other significant project elements.
Material Price Variance See Price Variance.
Material Usage Variance See Usage Variance.
Milestone A zero-duration schedule event or point in time such as "begin spacecraft integration," "release drawings," "pipe inspection complete." A milestone is measurable but does not consume time or resources.
Monte Carlo A computer based simulation technique used for evaluating uncertainty.

 



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