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Min/Max Analysis

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Term Definition
Min/Max Analysis

A quick calculation that answers "what's the expected minimum or maximum benefit to be expected?" If the minimum (worst case) benefits are substantial, then it could be a worthwhile opportunity. If the maximum (best case) benefits are not substantial, then it's probably not a worthwhile opportunity. If the opportunity is perceived to be small, then calculate the minimum; otherwise, calculate the maximum.
Related StatStuff Video: 
   -Section 1-Introduction, Lesson #7 - Project Pre-Assessment using a Min/Max Analysis

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