Learning how to quantify risks using a simple template on top of Excel.
After having discarded heat maps as a weak and unjustifiable “methodology” for risk analysis, we present quantitative risk analysis for projects. Easy, intuitive and free. It can easily be done on top of Excel with macro-based software to perform Monte Carlo simulation. Simply go to dtsimulator dot com and download a free template that allows you to perform simulation without having to purchase expensive software. List your project risks on a register. As in qualitative risk analysis, you add 2 dimensions to each risk line: frequency and severity. We teach you how to add expert’s opinion, adding distribution functions to both frequency and severity of possible risk events. You are ready to perform a Monte Carlo simulation: a mathematical method on top of Excel that generates random values along the distributions of your risks. With thousands of repetitions or scenarios, DTSimulator generates datasets from which graphs summarize the outcomes of your analysis. We will teach you how to analyze histograms, tornado charts, S curves and scatter plots to get the most out of a quantitative project risk analysis. Go to dtsimulator dot com and download macro-based risk templates to start quantifying the risks on your project.