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Sometimes business people may face various types of problems in the course of their business. One of these problems may be deciding on the duration of the project and the likelihood that it will be completed and completed. In addition, the Monte Carlo simulation method allows to solve many other problems, for example, calculating the budget, schedule, and other elements of the project (Ayres et al., 2017). The great advantage of this simulation method is that it has a visual and graphic design, which helps to establish a clear link between the project management and stakeholders.
For example, one can give a task that, using the Monte Carlo method, will provide accurate results to the project handlers. First, it is necessary to determine the work schedule and duration of each action aimed at achieving the final goal of the project. Then optimistic and pessimistic outcomes are calculated, as well as the most preferred ones (Ayres et al., 2017). Then it is important to calculate the total number of months required to complete the project in the best case, the worst, and the most preferred. This will give a precise time frame on which the members of the project team can rely.
This mathematical method allows to get solutions to complex problems and makes it possible to get an accurate answer. The calculation is made by calculating the input data, selecting only the necessary indicators, choosing as many possible solutions as possible, and comparing the data obtained (Ayres et al., 2017). In addition to solving problems related to projects, the Monte Carlo method will help solve several engineering, finance, and other issues. This method is often used in practice, as it does not require much time and gives clear results.
Reference
Ayres, D., Schmutte, J., & Stanfield, J. (2017). Expect the unexpected: Risk assessment using Monte Carlo simulations. Journal of Accountancy, 244(5), 1-8.
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