This article will guide you through the process of performing a Monte Carlo simulation using Microsoft Excel. ![]() However, MC continues to gain popularity, and is often used as a benchmark for evaluating other statistical methods. ![]() There are certainly other fields that employ MC methods, and there are also times when MC is not practical (for extremely large problems, computer speed is still an issue). In manufacturing, MC methods are used to help allocate tolerances in order to reduce cost. In the science and engineering communities, MC simulation is often used for uncertainty analysis, optimization, and reliability-based design. ![]() Monte Carlo simulation is often used in business for risk and decision analysis, to help make decisions given uncertainties in market trends, fluctuations, and other uncertain factors.
0 Comments
Leave a Reply. |