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Merits of Probabilistic Methods of Assessing Uncertainties

Regarding the probabilistic methods to assess to the range of possibilities for vaious uncertainties for a project (ex. project activity cost, delivery schedules of critical items, extent of mineral deposits, ect). What are the strengths/weaknesses of these approaches to assessing uncertainties at the project planning stage? & in what cases would these approaches make sense and what barriers are there? Please list sources