Monte Carlo variance reduction techniques have become indispensable in radiation transport simulations, where the challenge of obtaining statistically significant results in deep-penetration problems ...

Brief review of conditional probability and expectation followed by a study of Markov chains, both discrete and continuous time. Queuing theory, terminology, and single queue systems are studied with ...

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 ...

Advisors and websites often show clients the results of large numbers of Monte Carlo simulations. It is hoped that clients will be calmed by pursuing avenues predicted to have a 90% chance of success.

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 ...

This will likely come as a surprise, but the way engineers perform Monte Carlo analysis and assess the results, is likely incorrect. Misinterpreting Monte Carlo results can lead to the wrong technical ...