Simulation and Monte Carlo Analysis

Instructor: Daniel O Leary
Product ID: 704856
  • Duration: 90 Min
Simulations and Monte Carlo methods are powerful tools in quality improvement. They can help explore proposed changes to methods and processes and avoid potential problems. They can also help optimize QMS activities. In this presentation, attendees learn methods in Excel, which means that projects do not need special purpose and expensive software packages.

recorded version

1x Person - Unlimited viewing for 6 Months
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Recorded Link and Ref. material will be available in My CO Section
Last Recorded Date: Aug-2016

Training CD / USB Drive

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(For multiple locations contact Customer Care)
CD/USB and Ref. material will be shipped within 15 business days

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Fax: +1-650-362-2367


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Bonus Material:

An Excel spreadsheet with the examples from the presentation

Why Should You Attend:

Simulation is a powerful tool to help understand production process, projects and quality assurance activities. Monte Carlo simulation uses random numbers from statistical distributions to help model the activities of interest.

Microsoft Excel, with its built-in functions, allows generation of random numbers from a variety of statistical distributions. These results combined in a simulation can help in understanding processes and activities. This is especially true when the model is difficult or impossible to calculate using analytical methods.

The presentation explains some concepts of statistical distributions needed to generate random numbers. It then explains the methods in Excel, using a random number generator and various inverse functions to illustrate the methods. Example illustrate the methods so participants can see the application and the results. The examples also explain how to construct Excel spreadsheets for simulations.

Areas Covered in the Webinar:

  • The use of models to help understand activities and process
  • The role of Monte Carlo simulation in the model
  • Using Excel to generate random numbers
  • The relationship between probability density functions and cumulative density functions
  • Excel functions that can produce random numbers from various statistical distributions
  • Combining the random numbers in the model to produce results

Who Will Benefit:

Manufacturers involved in process improvement projects

  • Quality Managers
  • Quality Engineers
  • Manufacturing Managers
  • Design Project Team Members
  • Data Analysts
  • Statistical Analysts

Instructor Profile:

Dan O'Leary is President of Ombu Enterprises, LLC, a company offering training and execution in Operational Excellence, focused on analytic skills and a systems approach to operations management. Dan has more than 30 years’ experience in quality, operations, and program management in regulated industries including aviation, defense, medical devices, and clinical labs. He has a Masters Degree in Mathematics; is an ASQ certified Biomedical Auditor, Quality Auditor, Quality Engineer, Reliability Engineer, and Six Sigma Black Belt; and certified by APICS in Resource Management.

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Refund Policy

Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. ComplianceOnline would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange.

Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs. Substitutions can happen any time.

If you have any concern about the content of the webinar and not satisfied please contact us at below email or by call mentioning your feedback for resolution of the matter.

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Product Reviews Write review

The Webinar exceeded my expectations. The instructor spoke clearly and at just the right pace. The materials provided were perfect. I'm in Finance and we use consultants to do some of our valuation work and they use Monte Carlo Simulations to arrive at some of the values. I wasn't sure if this Webinar would be of use or not when I signed up but it definitely was just what I was hoping for, a good basic overview of Monte Carlo Simulation with some real (not too complicated) examples.- Director, Group Finance, Bio-Rad Laboratories, Inc.
- Bob Thomsen

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