Free Webcast: "Monte Carlo Simulation: Don't Gamble Away Your Project Success"
Understanding and quantifying the risk related to being able to assemble a product, meet a customer specification, or realize a target profit level is a necessary step of an effective design process. Monte Carlo simulation can be of great assistance in these types of situations.
Monte Carlo simulation is a powerful tool that can be used to analyze the behavior of a product, process, or plan that has a deterministic relationship between its inputs and outputs. With each of the inputs modeled as a specific probability distribution and sampled randomly, an aggregate output is created that can then be evaluated for performance capability and risk.
Benefit from the experience of Maurice Klaus, a performance management expert, as he describes how Monte Carlo analysis can be used in in design and process improvement projects.
This session discusses: