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Example Of A Simulation Analysis Paper

1263 Words6 Pages

Another way some companies categorize risks is as technical, external, project, and organizational. Each of these categories can also be further broken down into subcategories. For example, technical subcategories are requirements, technology, quality, and performance and reliability. External subcategories are a supplier, regulatory, market, and weather. The project category can be further examined as resourcing, funding, and prioritization. Finally, organizational risks include estimating, attrition and funding. (Kloppenborg, 2015)
Companies that are involved in International projects may categorize risks by cultural risks, political risks, virtual risks and regional risks. While software projects may categorize risks as execution management, …show more content…

It is a computerized mathematical technique that allows people to account for risk in quantitative decision-making. It is used in many different professions across the globe such as engineering, manufacturing, finance and many others. The main purpose of the program is to stimulate a range of outcomes and probabilities that will occur given the different courses of action. Monte Carlo works by building models of different results by substituting a range of values for any factor that is uncertain. It then calculates results over and over each time using a different set of variables each time to produce possible outcomes. Depending on many variables that are used or the size of the project, it could calculate thousands of outcomes before it is complete. It uses random sampling by using uncertain risk variable inputs to generate the range of outcomes with a confidence measure for each outcome (Marom). The project manager can use this system by considering all worst-case scenarios by summing up the maximum expected values for the variables. They can also use it to calculate best-case scenario situations as well. You can then run the Monte Carlo simulation and generate the likely outcomes that will occur for the project or event. They are some steps that can be followed to ensure that the Monte Carlos analysis is done correctly First, being by identifies key project risk factors that might affect your project. Secondly, identify range limits for all project variables, followed by specifying the probability weights for the range of values. Then, establish relationships for the correlated variables of the risk factors. Once this information is calculated you can view the results and analyze the results of the

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