Monte Carlo Simulation
Monte Carlo simulation provides a tried and tested way to accurately use historical business data to more accurately predict process outcomes. Presented by Waldemar Wasiuk, this webinar provides a short introduction into how to use Monte Carlo simulation and run simple analysis through Minitab.
When making important improvement and design project decisions, data analysis is important in order to understand the true input variables and to optimize the successful project outcome with a high ROI for the business. This short webinar offers a look at what a Monte Carlo simulation is and how you can use it to leverage historical data to make more accurate business analysis.
In this webinar, you’ll learn:
- How to use and apply Monte Carlo simulation in improvement and design projects.
- How to understand input and output variation and minimize risks.
- How to run a simple Monte Carlo analysis in Minitab.
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