013-Don't guess! Plan your project with SCIENCE using Monte Carlo analysis

Although touched on in the PMBOK, most of us have little exposure to Monte Carlo analysis – which is a shame! Monte Carlo analysis can add a new level of credibility to our planning when the stakes are high by backing it with real science and statistical models. In this episode, we demystify this tool, discuss its benefits, when it is appropriate, and why math is our friend J From mining to professional services, contact centers and orbital battle stations, we discuss how Monte Carlo can help you run your business.  We also discuss photon versus proton torpedoes. Our special guest is Luc Vandamme, who has been in the mining industry for more than 25 years and is now a Senior Director in his organization's Enterprise Project Management Office.  Luc's career has taken him from mining technology research and development to business optimization, organizational development, and now to project management.  Luc has a Civil and Geological Engineering degree from the University of Louvain in Belgium (he is NOT related to Jean-Claude!) and a Ph D in rock mechanics from the university of Toronto. And of course he knows Monte Carlo simulations inside and out!   MEMBERSHIP COMING SOON! Get access to all podcasts, PDU certificates, bonus content, exclusive member Q&A webinars and more from our new membership! Construction is still in progress, but you can sign up to be notified when it's live at https://pmhappyhour.com/membership    JOIN US FOR HAPPY HOUR! Come by and say "hey!" at our Facebook page https://facebook.com/pmhappyhour    STUMP THE PM'S! We love to hear about your tough PM issues, so please hit us up at [email protected] and we'll see if we can help you. If we use your question, we'll send you a PM Happy Hour coaster you can enjoy at your next happy hour.