Simulation Master

New Premium Version of Simulation Master

A new premium version of Simulation Master is coming soon.  The new version extends the capabilities of Simulation Master to include distribution fitting and optimization.  The standard version will continue to provide basic Monte Carlo simulation at an affordable price point.  Simulation Master premium provides a full set of features for advanced simulations. For more …

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Integration Using Monte Carlo Simulation

Monte Carlo integration can be used to estimate definite integrals that cannot be easily solved by analytical methods.  There are several methods to apply Monte Carlo integration for finding integrals.  In this article we will cover the basic or ordinary method. Basic Monte Carlo Integration Let’s start with a generic single integral where we want …

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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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