MONTE CARLO SIMULATION
In this course you will be introduced to the concepts and methodology of Monte Carlo Simulation – a quantitative analysis that accounts for the risk and uncertainty of a system. Whether the system is a new product, a manufacturing line, finance activities, project work, etc., Monte Carlo Simulation allows you to fully explore the variability in an output by including the variability in the inputs.
Develop the skills to understand inputs to a model as distributions instead of constant values to answer questions such as: How does the input variation affect the response variation? Given the variation in inputs, how truly capable is the process? Which inputs transmit the most variation to the responses? Learn how to utilize Monte Carlo Simulation to model the behavior of a system.
Topics include:
- Monte Carlo concepts and applications
- Probability distributions
- Linear models
- Response Optimizer using Minitab
- Monte Carlo simulation using Minitab Workspace
- Sensitivity Analysis
- Parameter Optimization
Prerequisites: Minitab Essentials, Factorial Designs