A Schedule Risk Assessment (SRA) is a Monte Carlo simulation that evaluates the potential effects of Duration Uncertainty and, optionally, identified Risks and Opportunities on the project schedule. By repeatedly simulating the schedule many times using different combinations of activity durations and Risk/Opportunity outcomes, from this simulation, a probability distribution for each Key Event can be generated. These results can then be used to determine the likelihood of achieving specific milestones or project events by a given date.