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What is Monte Carlo Simulation

Encyclopedia of Decision Making and Decision Support Technologies
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.
Published in Chapter:
Dynamic System Simulation for Decision Support
Norman Pendegraft (University of Idaho, USA) and Mark Rounds (University of Idaho, USA)
DOI: 10.4018/978-1-59904-843-7.ch035
Abstract
Simulation is a powerful methodology for decision support because it allows managers to experiment with models prior to implementing a policy or decision. There are several approaches to computer simulation: continuous event simulation, discrete event simulation, and Monte Carlo simulation. Continuous event simulation can be used to model dynamic system which cannot otherwise be easily modeled.
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Project Control Using a Bayesian Approach
“What if” analysis of the future project scenarios, provided a mathematical/ logical model of the project implemented on a computer.
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Major Techniques and Current Developments of Supply Chain Process Modelling
A computerized simulation technique which is usually used for analyzing the behaviour of a system or a process involving uncertainties.
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Project Control Using a Bayesian Approach
“What if” analysis of the future project scenarios, provided a mathematical/ logical model of the project implemented on a computer.
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Project Control: A Bayesian Model
“What if” analysis of the future project scenarios, provided a mathematical/ logical model of the project implemented on a computer.
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Data-Driven Decision Making to Select Condition-Based Maintenance Technology
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.
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Improving the Forecasting Process in Project Control
“What if” analysis of the future project scenarios, provided a mathematical/ logical model of the project implemented on a computer.
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Major Techniques and Current Developments of Supply Chain Process Modelling
A computerized simulation technique which is usually used for analyzing the behaviour of a system or a process involving uncertainties.
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Grid Service Level Agreements Using Financial Risk Analysis Techniques
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.
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Benchmarking of the Maintenance Service in Health Care Organizations
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.
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Supply Chain Process Modeling for Manufacturing Systems
A computerized simulation technique which is usually used for analyzing the behavior of a system or a process involving uncertainties.
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