Monte Carlo analysis - an essential tool for all risk managers
Monte Carlo analysis is a technique to help quantify the outcomes of uncertain inputs, events and assumptions, and can be used in any sector and by any size organisation. Monte Carlo can be used in risk analysis to produce meaningful and actionable information for decision-makers.
I'm delighted to share a recent article I wrote introducing Monte Carlo to a public sector audience who are used to assessing risk using matrices and heatmaps. Hopefully leaders and risk managers will see the value of using data rather than colours and labels to describe risk, and see how they can use this information to support people make better decisions and help the organisation achieve its objectives.
Go Monte Carlo was published in Spring 2020 stronger, ALARM's member journal. ALARM is a membership organisation run by members, for members, supporting risk professionals that support our communities and citizens. For more information, please visit alarmrisk.com.