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Risk, Operational Readiness and Monte Carlo Simulations

Analyze and Improve Inc.
Training overview
Professional Course
8 hours
From 995 CAD
Start dates
Toronto
995 CAD
TBD

Canada
995 CAD
As required

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 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 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.

Training content

  • Why Projects Fail
  • Understanding Risk and Mistake Proofing
  • Operational Readiness Model
  • Operational Readiness Assessment
  • Operational Readiness for Software / IT Projects (Special Case)
  • Point Estimates
  • 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

About A+I

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,...


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Contact info

Analyze and Improve Inc.

88 Queens Quay West, Suite 2500
Waterpark Place
M5J 0B8 Toronto Ontario

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