5. (LO 11.2, 11.3) Monte Carlo simulation estimates the probabilities of uncertain events. To execute a Monte Carlo simulation, we start by estimating the best-case, expected, and worst-case outcomes. Assume we are using Monte Carlo simulation to estimate the time to implement a real estate blockchain system with blockchain analytics and a user-friendly interface for 50 investors in a large condominium complex. The blockchain will keep track of all transactions, events, and documents related to the complex, including sales, purchases, titles, and credit checks. The system requires programming five different sections of code that work together. Given that blockchain is a newer technology, it is uncertain how many weeks will be needed to create each section of code. The following three estimates

(A, B, and C) in weeks have been made to set parameters to run the simulation.

a. What question are we answering with this Monte Carlo simulation?

b. Identify which column (A, B, or C) is the best case, expected, and worst case. What is the total coding time estimated by each column?

Section (A) (B) (C) 1 00 8 10 5 2 6 9 4 3 4 5 3 4 6 7 5 5 9 12 6