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The primary focus of Monte Carlo simulation is to identify and quantify risk related to uncertainty and variability in spreadsheet model inputs. The stress of Monte Carlo simulation often reveals logical errors in the underlying spreadsheet that might be overlooked during day-today use or traditional " what if " testing. This secondary benefit of simulation… (More)
In an increasingly competitive market, businesses are turning to new practices like Six Sigma, a structured methodology for accelerated process improvement, to help reduce costs and increase efficiency. Monte Carlo simulation can help Six Sigma practitioners understand the variation inherent in a process or product, and in turn, can be used to identify and… (More)