Master's Series


W12 - Process Modeling With Monte Carlo Simulation

Wednesday, May 2
8:00 AM - 10:30 AM
Location: WSCC 606-607

Level: Advanced

In order for organizations to achieve and sustain their required level of excellence, there is an increasing premium on allocating limited resources to their highest and best use. With competing forces applying constant pressure, making the best-informed decisions on how to proceed becomes paramount. Monte Carlo simulation greatly assists in these types of situations. Monte Carlo simulation is a powerful tool that can be used to analyze the behavior of a product, process, or plan that has a deterministic relationship between its inputs and outputs. This workshop provides a refresher overview of Monte Carlo simulation, when it can/should be used and when its usage would be inappropriate. The workshop delves into several examples of decision points, using data sets and business criteria, illustrating why the application of Monte Carlo simulation techniques result in more informed decisions, and provides a means for ongoing assessments as the environment varies or other factors come to light. The examples cover service/transactional, manufacturing, and project-selection problems.

Attendees are asked to bring a laptop to this session to participate in the model building experiment.

Learning Objectives:

Lars Maaseidvaag


Vice President of Product Development
Powell, Ohio

Dr. Lars Maaseidvaag leads MoreSteam’s product development teams for TRACtion project management, EngineRoom data analysis, and eLearning. He also developed MoreSteam’s web-based discrete event simulation software, Process Playground. Lars is the lead instructor for the Master Black Belt training program offered in partnership with The Ohio State University’s Fisher College of Business. In addition to that role, he sits on the review panel for the final project portfolio reviews of all MBB certification candidates in that program.

Before coming to MoreSteam in 2009, he was the Curriculum Director for Accenture/George Group where he developed and delivered their Lean Six Sigma training programs to global clients. Earlier in his career, he worked in operations research and management consulting.

Lars received a PhD in in Operations Research from the Illinois Institute of Technology. He also earned a Masters in Operations Research and Industrial Engineering as well as his MBA from The University of Texas in Austin.


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Govindarajan Ramu

SunPower Corporation


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W12 - Process Modeling With Monte Carlo Simulation

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