MONTE CARLO SIMULATION
In today’s competitive business environment, it is vital to ensure your company (or projects) success by identifying risks to your objectives before they occur. Because the outcome of any real world decision is significantly controlled by uncertainty and risk , software driven tools, such as Monte Carlo Simulation, are critical in helping you understand, describe and develop strategies to control these factors, and allow effective decision making. Some examples of the use of Monte Carlo are given below :-
- Project Plan Optimisation and / or Feasibility
- Bid Preparation / Business Risk Assessment
- Equipment Reliability
- Best Use of Maintenance Spending
- Assessing Risks from Sub Contractors.
- Risks from new build versus modification of vessels / drilling rigs.
Please see an article by JCM on Monte Carlo published by
The Institute of Marine Engineers, Science & Technology