Prioritize Projects Using Monte Carlo Simulations

Imagine that you could poll 100,000 experts to help select your best projects, and then see the most-likely outcome based on the results. You wouldn't have to rely only on best guesses based on one or two data points anymore. You could base your results on the consensus of the experts.

The Optsee® Pro Simulation-Prioritizer works by simulating that kind of study. It analyzes your choices in up to 100,000 different scenarios generated using a Monte Carlo simulation, and then displays the results in easy-to-understand charts and tables. The Optsee Prioritizer is a powerful built-in technology for rigorously determining your best projects.

The Monte Carlo simulation methodology was named for Monte Carlo, Monaco; a city that is famous for its casinos and games of chance such as roulette wheels, dice, cards, and slot machines. Games of chance exhibit random behavior within the context of the game equipment and rules. For example, a shuffled deck of cards will contain 52 cards, but the card order is random.

An Optsee® Pro; Monte Carlo simulation involves creating thousands of random scenarios within a set of defined parameters. Your portfolios are tested in those scenarios and the most-likely rank and other data are automatically calculated for you.

Click here to see the "Predicting Project Portfolio Value Using Simulations" video

You can easily perform multiple types of prioritizations in just a few mouse clicks using the priortization form shown below. You can vary the attribute weights, the project uncertainty, or both simultaneously.

Prioritizations Are Run In Only A Few Mouse Clicks:

form for project portfolio management project prioritization using monte carlos simulations

You can also see and show others the uncertainty and risk around each project in a variety of charts like the ones shown below. All these charts are created in just a few clicks.

You Can Easily See And Show The Uncertainty:

charts for displaying project portfolio management project prioritization risk

After running a simulation prioritization, a full statistical report is generated automatically, including distribution histograms for each project.

Statistical Analysis Result Forms:

statistical result forms for displaying project portfolio management project distributions

You can also run full Monte Carlo simulations on your portfolio models and compare portfolio models against each other and efficient frontiers. Plus, you can track changes project and portfolio risk and uncertainty in the Trend Tracker forms.

Efficient Frontier and Baseline Trend Tracking Forms:

efficient frontier and baseline tracking forms for displaying project portfolio management project risk and uncertainty

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