013-Don’t guess! Plan your project with SCIENCE using Monte Carlo analysis
Although touched on in the PMBOK, most of us have little exposure to Monte Carlo analysis – which is a shame! Monte Carlo analysis can add a new level of credibility to our planning when the stakes are high by backing it with real science and statistical models. In this episode, we demystify this tool, discuss its benefits, when it is appropriate, and why math is our friend J From mining to professional services, contact centers and orbital battle stations, we discuss how Monte Carlo can help you run your business.
We also discuss photon versus proton torpedoes.
Our special guest is Luc Vandamme, who has been in the mining industry for more than 25 years and is now a Senior Director in his organization’s Enterprise Project Management Office. Luc’s career has taken him from mining technology research and development to business optimization, organizational development, and now to project management. Luc has a Civil and Geological Engineering degree from the University of Louvain in Belgium (he is NOT related to Jean-Claude!) and a Ph D in rock mechanics from the university of Toronto. And of course he knows Monte Carlo simulations inside and out!
GIVE MONTE CARLO A TRY!
Here are links to a couple Excel based tools that our host mentioned. At least one has a free trial. They aren’t cheap – but then neither is project failure!
Oracle’s Crystal Ball:
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