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

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.

Course  Outline
  • Define a problem, conceptualize how to obtain a solution via simulation,  analyze and visualize the simulation results
  • Perform sensitivity analysis to evaluate how key inputs will affect the results
  • Automatically estimate optimum values by performing multiple simulation runs
  • Understanding deterministic vs. probabilistic analysis
  • Introduction to simulation
  • Introduction to building simulation models in RENO
  • Basics of risk decision analysis
  • Application of quantitative decision and risk analysis
  • Probabilistic design concepts
  • Advanced reliability simulation analysis applications
  • Maintenance application
  • Life cycle cost analysis and other financial applications
Other Info
Duration: 4 Days Cost: $1,800 Per Person

Contact us for further information or a no-obligation discussion on this course