Forecasting for any small business involves guesswork. You know your business and its past performance, but you may not be comfortable predicting the future. Using Excel is a great way to perform what ...

Not all Spice versions perform Monte Carlo simulations. Even those that do may only have a small number of available distributions, much less custom ones. LTSpice, for example, has built-in random ...

Our last Insights puzzle explored how a smooth, random distribution of objects arises in a classic, deterministic machine called a Galton board or bean machine. We examined the inner workings of this ...

Statistics uses small samples to predict how phenomena behave in the real world. Many management tools with the aim of maximizing efficiency (ex: Six Sigma) attempt to decrease variances using a ...