Simulation Master

Project Critical Path Analysis Using Simulation

Project critical path analysis can be performed using Monte Carlo simulation as a way to determine project completion time probabilities.  In this article, we will create a network diagram in Excel and a table to perform necessary logic operations. We will assume that each task follows the PERT distribution (also called Beta-PERT).  Using past experience, …

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Input Variable Correlation in Monte Carlo Simulation

When conducting a Monte Carlo simulation, correlation among input variables is an important factor to consider.  If input random variables are treated as independent, when they are actually correlated, risk can be under or over estimated. Let’s think about how this occurs, when two input variables have positive correlation, the value for each should be …

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Analyzing Simulation Data with Simulation Master

This video demonstrates the simulation data analysis and reporting features of Simulation Master.  Simulation Master is an Excel add-in for Monte Carlo simulation.  For more information, please visit the Simulation Master product page. Topics Covered Probability analysis of an existing simulation data set. Create a summary report of an existing simulation data set. Create a …

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Basic Monte Carlo Simulation Using Simulation Master

This video demonstrates a basic Monte Carlo simulation using Simulation Master. Simulation Master is an Excel add-in for Monte Carlo simulation. For more information, please visit the Simulation Master product page. Basic Monte Carlo Simulation Topics Random variable function set-up in Excel model Using the Simulation Master “RV” worksheet functions to create random variables used …

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