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The Monte Carlo simulation method is a very valuable tool for planning project schedules and developing budget estimates, yet it is not widely used. This is mainly due to a misconception that the methodology is too complicated to use and interpret.

In actual fact it is not difficult to understand and can be used very easily and very effectively to improve the accuracy of forecasts. By following simple real world examples its simplicity and usefulness can be demonstrated. Once you understand the benefits that Monte Carlo simulation can provide then go ahead and try it for your own projects using our free Monte Carlo simulation tool. You will then be able to improve your forecast and increase your chances of delivering to cost and time goals.

Whilst there are many different scenarios where Monte Carlo simulation is useful we have provided two real world examples to help demonstrate the technique.

1. Setting a project budget
2. Viability of a new business venture

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