Monte Carlo Probability Simulation tools
(MS Access 2013 version)
Stochastic modeling analysis andMonte Carlo Probability Simulation is a broad class of computational algorithms that rely on repeated random sampling to obtain numerical results. The essential idea is using the summation of repeated randomness to forecast events such as schedule delays and budget overruns. Stochastic MC Simulation helps predict complex scenarios that normally are resolved by WAGs by management.
The MC Probability Simulation Database Download (click button below) provides all of the necessary building blocks required to develop your own customized MC data solution. It’s impossible to predict all of the variables given for different projects and useages. Therefore each project manager must generate algorithms relevant to his/her project’s needs. This example provides all the code to get you started.