Simulation Master

Exposing Project Schedule Risk Hidden in Best Estimates

When we try to estimate a project completion time, often the temptation is to use a best guess completion time for each task, find the critical path, and add up the times.  This method lacks information about the project schedule risk, and if done honestly, often results in a finish time later than the due …

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Monte Carlo simulation in purchasing - components

Using Monte Carlo Simulation for Purchasing Decisions

Using Monte Carlo simulation for purchasing decisions can allow for overall cost reduction by selecting optimum order quantities.  In this article we will explore how to use simulation to minimize the total cost of a purchased component. When using purchased components, the purchase price is only part of the total cost.  Carrying cost also should …

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