Young Hoon Kwak, Lisa Ingall, Exploring Monte Carlo Simulation Applications for Project Management, Risk Management, Vol. 9, No. 1 (Feb., 2007), pp. 44-57 ...

Two methods for reducing the computer time necessary to investigate changes in distribution of random inputs to large simulation computer codes are presented. The first method produces unbiased ...

The Monte Carlo simulation estimates the probability of different outcomes in a process that cannot easily be predicted because of the potential for random variables.

It then calculates results over and over using a different set of random values from the probability functions. Depending upon the number of uncertainties and the ranges specified for them, a Monte ...