Introduction to Monte Carlo Simulation

In my recent article, why simulation is the future of uncertainty evaluation, I explained why traditional analytical methods can sometimes be inaccurate. It is for this reason that the latest standards recommend that simulations are used to verify models. In this article I will explain exactly what a Monte Carlo simulation is and how you can perform one. I will also explain how you can estimate the size of errors in the simulation.
Monte Carlo simulation involves using random number generators …

Source URL: Introduction to Monte Carlo Simulation

Source Website: Advance Engineering –