Course description
Risk, Operational Readiness and Monte Carlo Simulations
The course will offer a deep understanding on why projects fail, and the tools required to minimize financial / overall project 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. Provides a foundation to successful project management.
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.
Upcoming start dates
Who should attend?
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.
Can be customized for specific industries, such as Mining, Metallurgy, Food, etc.
Training content
- Why Projects Fail and basics of Project Management
- Understanding Risk and Mistake Proofing
- Operational Readiness Model
- Operational Readiness Assessment
- Operational Readiness for Software / IT Projects (Special Case)
- Point Estimates and Financial Risk
- Monte Carlo Simulations – Introduction (Minimum, Maximum and Most Likely)
- Monte Carlo Simulations – Exercises (Financial Evaluation)
Course delivery details
Convert an existing static single point spreadsheet into a Monte Carlo simulation. This will be done live, in class and with the involvement of the participants using an actual excel.
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.
The course is designed as a 1 day offering.
Costs
$995 CAD + 13% GST
Includes course material in PDF format, and certificate.
Certification / Credits
Risk, Operational Readiness and Monte Carlo Certificate
Why choose A+I?
Courses taught by experienced industry professionals
Instructors with proven experience applying the topics in the real world
Since our start in 2014, we have provided Teaching, Coaching and Project support to over 30 companies
Reviews
Average rating 4
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Analyze and Improve Inc.
The name of our company says it all – we analyze problems and opportunities, improve on the present state and drive towards accelerated results. Our company philosophy is "Stability before Capability and only then Capital". Since our inception in 2014,...
This course was a good refresher for Operational Readiness, especially when I was looking for new ways of working on OR. I appreciate learning practical ways of approaching OR a...