Monte Carlo Simulation Fundamentals

by William Davis

In this course you will learn to use Monte Carlo simulations to better your decision making when dealing with uncertainty.

What you'll learn

Do you need to make a difficult decision about some uncertain future outcome? Maybe you need to estimate a project cost or schedule, or create a forecast for when your agile-developed software product can be delivered to customers. In this course, Monte Carlo Simulation Fundamentals, you’ll learn how to model these and other uncertainties using a Monte Carlo simulation model in Microsoft Excel. First, you’ll learn why you’ll want to use Monte Carlo simulation to solve estimation problems. Then, you’ll learn how to create a Monte Carlo simulation from scratch, and how to use pre-built Monte Carlo simulation models. Finally, you’ll discover some more complicated problems that commercial Monte Carlo simulation products can solve. By the end of this course, you’ll know what a Monte Carlo simulation is, why it’s used, and how to create your own Monte Carlo simulation using the built-in functions inside Microsoft Excel.

Table of contents

Course Overview
2mins

About the author

William W. Davis works in the IT industry promoting personal and organizational agility and sharing innovative tools/techniques with fellow agilists, project managers, developers, functional managers, and organizational leaders. William has 30 years experience working in IT as a software developer and technical project manager for numerous IT projects. More recently, though, William is a Scrum Master and an organizational agilist -- creating/delivering customized agile/Scrum training, offering a... more

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