What You Will Learn :
- Understanding the use of RiskAMP, a Monte Carlo software Excel add-on program, well suited to introduce people to Monte Carlo while strong enough to carry out all the required analysis.
- Understanding Risk and Mistake Proofing
The course will offer a deep understanding on why projects fail, and the tools required to minimize risk. A detailed model of Operational Readiness will be covered, including how to assess based on the model. And finally, an introduction to Monte Carlo simulations with exercises to understand how to set them up and use the information properly.
What is Operational Readiness and Assurance (OR&A)?
Operational Readiness and Assurance (OR&A) is designed to ensure that the capital project / asset being delivered is capable of an effective start up, ramp-up as planned and a sustainable productive operation. Includes understanding and elements of assessment.
What are Monte Carlo Simulations?
Rather than use point estimates to make financial / time based decisions, a simple technique of applying minimum, maximum and most likely values is used. This range of values is then used in a simulation software to create an expected output for the project. The output is a much stronger understanding of the probable output (time and money) and associated risks.
Who is this course for?
This course is designed for Project Managers, Engineers and Financial professionals. The course is equally suited for people delivering the physical / IT project and those who need to be properly prepared to receive the project.