Modeling Risk with Monte Carlo Simulation


Approx 4h to complete

100% online and self-paced

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From $497/year

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In this course, you’ll learn how to quantify and model uncertainty by using Monte Carlo simulation.

Traditional scenario analysis relies on 2 or 3 “best case” or “worst case” situations that are rarely scientific in nature. Businesses can benefit greatly from improved modeling of risk and uncertainty, by using even basic Monte Carlo simulation.

Using this technique, we can quantify and simulate scenarios that include multiple uncertainties at the same time.

This course will start from the basics, and work through five scenarios that will help you master the basics of Monte Carlo Simulation.

Using these scenarios, you’ll learn how to quantify uncertain scenarios in a more meaningful way to help make business decisions.

Modeling Risk with Monte Carlo Simulation Learning Objectives

Upon completing this course, you will be able to:

  • Explain the main concepts of Monte Carlo simulation
  • Use historical observations to estimate the probability distributions of data
  • Simulate many possible outcomes of uncertain variables using Python
  • Summarize the distribution of scenarios using confidence intervals
  • Interpret the output of Monte Carlo simulation results and use it to guide business decisions

Who Should Take This Modeling Risk with Monte Carlo Simulation Course

Business Intelligence derives value from descriptive, backward-looking metrics. To provide the next level of value we must start to consider future scenarios. Modeling uncertainty and scenarios is a key part of this forward-looking skillset, and this Monte Carlo course is a perfect introduction to that world.

What You'll Learn


Become a certified Business Intelligence & Data Analyst (BIDA)™

Modeling Risk with Monte Carlo Simulation is part of the Business Intelligence & Data Analyst (BIDA)™ certification, which includes 17 BIDA courses + all future courses in the program.

Business Intelligence & Data Analyst (BIDA)™ Certification
  • Skills Learned Data Visualization, Data Warehousing and Transformation, Data Modeling and Analysis
  • Career Prep Business Intelligence Analyst, Data Scientist, Data Visualization Specialist

What Our Students Say

Insightful course
Really appreciate the efforts in this Insightful course

Eid A.Mordy Moawad Mostafa

Great course for learning Monte Carlo simulation
Monte Carlo simulations provide an innovative way to assess risks by providing a realistik range of values. This course allowed me to clearly understand how it works and how to practically implement it for various cases.

Sassire Napo

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