I am looking to estimate the potential for failure in a complex system using Monte Carlo simulation. I am quite familiar with using MC for engineering simulations, but have never approached the ...
Monte Carlo simulation — the method of statistical analysis that determines the probability of certain events using a roulette-wheel like generation of random numbers — has become so popular that ...
ABSTRACT There is randomness in both the applied loads and the strength of systems. Therefore, to account for the uncertainty, the safety of the system must be quantified using its reliability. Monte ...
The calculation of multivariate normal probabilities is of great importance in many statistical and economic applications. In this paper we propose a spherical Monte Carlo method with both theoretical ...
Monte Carlo methods are a broad class of computational algorithms that rely on repeated random sampling to obtain numerical results, i.e. by running simulations many times in succession in order to ...
What is a Monte Carlo simulation? A Monte Carlo simulation in investing is like rolling the dice on potential outcomes for your investments. Instead of relying on past performance or gut feelings, ...
Last week’s post about Monte Carlo simulations in financial planning sparked some interesting comments, so I thought a case study would help readers see how they work. Laura is 57 years old, single, ...
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