Selecting Project Portfolios Using Monte Carlo Simulation and Optimization

By Lawrence Goldman and Karl Luce

As a Six Sigma implementation matures, Champions are faced with the increasingly challenging task of selecting a portfolio of high-quality projects with a strong financial return. Selecting Six Sigma projects is a one-time decision, and comparing and selecting Six Sigma projects is a difficult task when large numbers of projects are dissimilar, complex, and potentially risky. Each project will be either financially successful or not, and the Six Sigma focus on savings and improved income remains a key consideration for every Champion and Six Sigma executive. If a project is not successful, the company runs the risk of incurring the loss ...

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