/* ---- Google Analytics Code Below */

Friday, September 16, 2016

Free Tools for Monte Carlo Simulation

Via Sam Savage.  Industrial Monte carlo simulation was commonly used in our enterprise as an analytic method. .  It has been a method around for a very long time.  A favorite of mine because it can be used to understand process operation and performance.   They point to a number of resources I did not know of.  In the past these systems tended to be expensive for the individual to use.  Note also their use for Reinforcement Learning, also covered here recently.

Monte Carlo for the masses
Free tools from ProbabilityManagement.org automate the data table process for Excel users.

By Sam Savage

Monte Carlo simulation has been used to model uncertainties since the Manhattan atomic bomb project by blasting randomly generated inputs through mathematical models. Monte Carlo spreadsheet add-ins for personal computers have been available since the mid-1980s, however, it has not been a killer app because it takes specialized training to generate the required random inputs. Actually, a great invention of the 19th century, the light bulb, was never widely adopted because it took specialized training to generate the required electricity (just kidding). Thomas Edison subsequently proposed that experts with generators provide electricity for non-experts with light bulbs, and the result was the power-distribution network ..... " 

No comments: