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Support Better Decisions with Monte Carlo Simulations

2014-09-16, Meetings, Robert Arce,

Monte Carlo simulations were devised to solve problems that are too difficult for traditional methods because of uncertainties. Today's fast-paced business environment means IT must support decisions with increasing levels of uncertainty. Learn how to use simple, easy-to-create simulations to support better decisions.

We will go through the steps of building a Monte Carlo simulation by:

  1. defining a decision,
  2. quantifying uncertainties,
  3. understanding Monte Carlo simulations, and
  4. creating a simulation using Excel spreadsheets and another using IBMs statistical package SPSS.

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COMMON's Archived Webcasts

2011-08-02, Education, Michael Daly

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