Monte Carlo simulation provides a number of advantages over “single-point estimate” analysis
In Monte Carlo simulation, it's easy to see which inputs had the biggest effect on bottom-line
Lean Six Sigma Courses
Process Improvement Using Monte Carlo Technique
Monte Carlo simulation is a mathematical tool that assesses the likelihood of certain outcomes. By using problem-solving and risk assessment techniques, it approximates the risk of a particular result. This simulation uses a variety of data input and is ideal for most fields and industries. More importantly, Monte Carlo simulation provides you with insight into the most likely, least likely and an average outcome for your situation. When you have questions such as “Will this investment yield a high return?” or “How expensive with this project be?”, Monte Carlo can calculate approximate predictions.
|Duration: 4 Days||Cost: $1,800 Per Person|