Of chance, uncertainty & randomness — Part 2: Finding distributions for Monte Carlo simulation

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In the first part of this series, we explained Monte Carlo simulation and how it is used to obtain results from a stochastic model. A key step in modeling stochastic processes using Monte Carlo simulation, is finding distributions to describe the … Continue reading

Of chance, uncertainty & randomness — Part 1: Monte Carlo simulation in engineering analysis

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Monte Carlo simulation is a popular technique in engineering analysis because of its ability to efficiently handle uncertainty in complex models. Yet it is not understood by many engineers and is often misused. In this series, I will attempt to … Continue reading