Monte Carlo Simulation Technique

Monte Carlo Simulation TechniqueMonte Carlo Simulation Technique is a special technique where we can generate some numerical results without actually doing a test experiment. We can use the results of previous tests that have been done to determine the probability distribution of the parameters which are reviewed in the case. Then we use this information to generate parameter-parameter numerical data. The basis of Monte Carlo simulation technique procedure is to generate uniformly distributed random numbers between 0 and 1.

Monte Carlo Simulation Technique

Monte Carlo methods are often applied in three situations :
1. to solve a complex problem with a solution approach,
2. to solve a complex problem that is generally in the settlement simplifying assumptions. With Monte Carlo simulations, the original problem can be studied without the assumption,
3. for use in check the results of other simulation techniques.


Related Articles :

arifinfo

Industrial Engineering Student
Posted in Operations Management. Tagged with , , , .

One Response

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

CommentLuv badge