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Use Monte Carlo Simulation to Manage Schedule Risk

The three critical aspects of a running a successful project include project costs, project scope and project schedule. Since projects contain many sources of variation, all three aspects are prone to not meeting targets. Project managers need to use appropriate tools to manage the variability (or risk) in the project. Critical Path Method Traditionally, project…

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SigmaXL Inc. Announces Release of DiscoverSim Version 1.1

FOR IMMEDIATE RELEASE Press Contact: Kevin Madden (888) 744-6295 Toronto (July 29, 2013) – SigmaXL Inc., a leading provider of user friendly Excel Add-ins, announces the release of DiscoverSim Version 1.1 for Monte Carlo Simulation and Global Optimization. DiscoverSim enables you to quantify your risk through Monte Carlo simulation and minimize your risk with global…

Using Monte Carlo Simulation as Process Control Aid

Monte Carlo simulations are often used as a powerful tool in the Analyze or the Improve phase of a Six Sigma DMAIC (Define, Measure, Analyze, Improve, Control) project. For instance, Monte Carlo simulations can be used to improve the capability of processes. The Monte Carlo simulations can quantify the expected variation improvement. However, simulations are not…

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