Monte Carlo Simulation for Project Management

Listing project defects is a critical risk management task due to its direct impact on project quality, cost, timeline, and reputation. Monte Carlo simulation can handle defect rate uncertainties by modeling them as non-continuous probability distributions. In this video, we'll create and share a dynamic template in Excel with three easy steps: simulating project data with non-continuous distributions, running multiple iterations, and plotting histograms and S-curves, and calculating P values and percentiles. You can follow along by getting the Excel workbook with the provided link.