Master of Business Administration Executive
Faculty / School
Faculty of Business Administration (FBA)
Year of Award
MBA Executive Research Project
Safety, reliability, time, and budget are the major issues for any business organization. In order to compete in the market place with best standards of quality, companies devise the strategies. These strategies are designed around the vision, mission and value statements. These are very important factors for all the stakeholders. However equally important are the risk involved in the projects. The companies must also devise their strategies under different risk scenarios.
In order to generate multiple risk senarios the technique of Monte Carlo simulation is utilized. Monte Carlo simulation , or probability simulation, is a technique used to understand the impact of risk and uncertainty in financial, project management and cost forecasting models.
In a new product development process there are risks involved at several stages. The investment into a new business is always risky. In this report the risk associated at different levels of a product development are investigated through Monte Carlo simulation . The life cycle of any product goes through different phases This involves the people from different departments of the company who brainstorm each and every idea before the product takes its final shape. The software CRYSTAL BALL is used for the Monte Carlo simulation in this report. In all cases in this report 5000 trials are conducted in CRYSTAL BALL.
Uddin, N. (2011). Monte Carlo simulation for the risk management of project (Unpublished graduate research project). Institute of Business Administration, Pakistan. Retrieved from https://ir.iba.edu.pk/research-projects-emba/549
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