Risk Analysis and Decision Making Software

Risk Analysis and Decision Making Software:

Monte Carlo Simulation Software: A Monte Carlo simulation is used to solve certain stochastic (involving a random variable) problems where the passage of time plays no substantive role. It is widely used to solve certain statistical problems that are not analytically tractable. The simulation requires that a mathematical relationship (model) be established between the event outcome (expectation) and influence factors (input variables).

Monte Carlo Risk Analysis is the "method of choice" for mathematical modeling where:

• The Input Data has Uncertainties;
• The "answer", or Output, must accurately represent the Input Data;
• The calculated uncertainty in the "answer", or Output, must accurately reflect the Uncertainty in the Input data; and
• The calculated uncertainty in the "answer", or Output, must be an accurate measure of the validity of the model.

The application is a 32-bit MS Windows application. It contains a help system with an example and background information on Monte Carlo Simulations.