Applied Monte Carlo Simulation

(Using an 8-Step Framework to simulate Business Models and Processes)

Created by: Akram Najjar
Business Technology Consultant

What Will I Learn?

• To master the development of Monte Carlo Simulation models
• To learn a practical easy-to-use 8-step simulation process based on Microsoft Excel
• To go through 18 simulation models that cover different business sectors
• To learn how to identify input variables in a model and use them to randomize scenarios
• To learn how to use and apply more than 10 probability distributions as input variables
• To learn how to setup and interpret a variety of statistical methods that analyze the model's output
• To learn a variety of useful spreadsheet techniques that ease the modeling task
• To learn a set of good modeling and spreadsheet practices and some do's and don'ts
• To learn a variety of fundamental statistical procedures used in control of models and their analysis

Requirements

• 1) A working knowledge of Excel (but most specific techniques will be presented in the course)
• 2) A beginner's knowledge of statistics: probability, distributions, standard deviations, etc. (again most will be presented in the course)

Target audience

• 1) Highschool and University students who need to learn Monte Carlo Simulation
• 2) Analysts who need to apply Monte Carlo Simulation in various business processes
• 3) Professionals embarking on the use of Machine Learning methods who need to use Monte Carlo Simulation to verify their owrk
• 4) Curious people who need to know what Monte Carlo Simulation is and how it may help them in various walks of life
• 5) Analysts who need to verify and validate analytic estimates using simulation