What is Monte Carlo Simulation

1.

A simulation in which random events are modeled using pseudo random number generators so that many replications of the random events may be evaluated statistically. Learn more in: Dynamic System Simulation for Decision Support

2.

“What if” analysis of the future project scenarios, provided a mathematical/ logical model of the project implemented on a computer. Learn more in: Project Control Using a Bayesian Approach

3.

A computerized simulation technique which is usually used for analyzing the behaviour of a system or a process involving uncertainties. Learn more in: Major Techniques and Current Developments of Supply Chain Process Modelling

4.

“What if” analysis of the future project scenarios, provided a mathematical/ logical model of the project implemented on a computer. Learn more in: Project Control Using a Bayesian Approach

5.

“What if” analysis of the future project scenarios, provided a mathematical/ logical model of the project implemented on a computer. Learn more in: Project Control: A Bayesian Model

6.

A method for estimating uncertainty in a variable which is a complex function of one or more probability distributions; it uses random numbers to provide an estimate of the distribution and a random number generator to produce random samples from the probabilistic levels. Learn more in: Data-Driven Decision Making to Select Condition-Based Maintenance Technology

7.

“What if” analysis of the future project scenarios, provided a mathematical/ logical model of the project implemented on a computer. Learn more in: Improving the Forecasting Process in Project Control

8.

A computerized simulation technique which is usually used for analyzing the behaviour of a system or a process involving uncertainties. Learn more in: Major Techniques and Current Developments of Supply Chain Process Modelling

9.

A range of computational algorithms that generates random samples from distributions with known overall properties that is used, for example, to explore potential future behaviours of financial instruments on the basis of historic properties. Learn more in: Grid Service Level Agreements Using Financial Risk Analysis Techniques

10.

A method for estimating uncertainty in a variable which is a complex function of one or more probability distributions; it uses random numbers to provide an estimate of the distribution and a random number generator to produce random samples from the probabilistic levels. Learn more in: Benchmarking of the Maintenance Service in Health Care Organizations

11.

A computerized simulation technique which is usually used for analyzing the behavior of a system or a process involving uncertainties. Learn more in: Supply Chain Process Modeling for Manufacturing Systems