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Essay / Research Paper Abstract
This 4 page paper looks at sensitivity analysis what it is, how it is used and the advantages and disadvantages of its use. The bibliography cites 6 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEsenanaly.rtf
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Unformatted sample text from the term paper:
is only by understanding these advantages and disadvantages that the tool can be used correctly and the results interpreted accurately. In any project or undertaking, whether it is financial
or practical, there will be a range of parameters that may change or fluctuate. The way that the project or investment is evaluated will need to make assumptions regarding what
those parameters are in order to project a possible output. However in these assumption there is the potential for error, there may be assumptions made where there is an absence
of data or where the information is of poor quality or unreliable, there may be a lack of understanding of the driving forces and influences and there may be errors
in the data tat is thought to be accurate. There may also be stochastic events or other natural intrinsic variances of the systems used. However, it is also known
that the impact of the different parameters may also vary widely depending on what is being measured and how. The variance of the parameters on one project may make a
large difference, whereas on a different project a wide various in the parameters may make little difference. This means that it us useful for the user to be able to
assess how sensitive the project or investment is to these changes, and as such the level of confidence they may put in the results. The ability to provide this is
one of the major benefits of sensitivity analysis. The first strength of this tool is the way it can be used across such a broad array of areas, from
health care research and assessment of treatment to investment decisions in business for financial projects or other applications in engineering or manufacturing (Yao et al, 2005, Jau-Chuan, 2003). This
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