Monte Carlo Methods in Excel: Part 2 – Random Numbers

Monte Carlo Methods in Excel: Part 2 – Random Numbers All Monte Carlo methods rely on a source of random numbers. Most such sources would more precisely be called pseudorandom numbers, since a deterministic algorithm cannot, by definition, ever produce truly random numbers. If you Google “random numbers” you will encounter a daunting list of […]
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Monte Carlo Methods in Excel: Part 1 – Introduction

If we toss a coin 1000 times, it is pretty easy to calculate the probability of tossing exactly 537 heads. For better or for worse, the real world rarely offers us such cut-and-dry calculations. What if we were trying to calculate neutron density in a critical mass of plutonium? A mathematically precise result is beyond […]
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The Critical First Step in Solving Problems

Solving problems is great…but, first, you have to determine what the problem really is. This doesn’t necessarily require some brilliant flash of insight — there are simple tools that you can apply to nail down what’s going wrong. You can start, for example, by determining what IS and IS NOT true compared to other problems you […]
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Don’t Let Governance Threaten Your Agile Transformation

Governance seems to be one of those frightening words that threatens to stop an Agile transformation effort dead in its tracks. I’ve been hearing it whispered, and even screamed once or twice, quite a lot recently. There’s no big surprise here. As the big corporations and Government agencies get increasingly fascinated by frameworks like Scrum, […]
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Why Every Small Company Needs a Disaster Recovery Plan

Does your company have a Plan B? Small company owners often don’t give enough thought to how they would respond to an unexpected natural disaster, data loss, or financial emergency, and when the unthinkable happens, they are left scrambling for a solution. Chances are that solution, however, will prove ineffective. Here are a few sobering […]
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