Business

Monte Carlo Simulation for Business

Business, Simulation Master / By vortarus

Monte Carlo simulation for business purposes is a great tool to have in your toolbox. If you’re a business owner or a product line owner in a larger enterprise, chances are you’ve created a spreadsheet to model a business case or something similar. Anytime you have a spreadsheet that contains estimates that are inputs to …

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Decision Making Under Risk and Uncertainty

Business, Engineering, Finance, Project Management / By vortarus

Decision making under risk and uncertainty is a fact of life. There are many ways of handling unknowns when making a decision. We will try to enumerate the most common methods used to get information prior to decision making under risk and uncertainty. We’ll also look at decision rules used to make the final choice. For …

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