Webcast: Monte Carlo Simulation: Don't Gamble Away Your Project Success

Maurice Klaus, performance management expert — MoreSteam

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.

In this session, the following key points will be covered:

Maurice Klaus, performance management expert — MoreSteam

Maurice (Mo) Klaus has over 16 years of management consulting experience and has worked with more than 75 private sector organizations. He has implemented performance management systems at the corporate, business unit and shared service levels. He speaks internationally on performance management and process improvement, and has developed web-based training programs in project management and Lean Six Sigma.

Mo frequently leads simulation-based public and private workshops for learning and practicing the principles of strategy management and Lean Six Sigma. He is a registered Professional Engineer and Six Sigma Black Belt and holds BS and MS degrees in Mechanical Engineering from The University of Michigan.