Monte Carlo gone wrong
Posted @ 1/22/2019 8:04 AM
"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 and business decisions. While performing Monte Carlo analysis can help, you may be surprised to learn that there is more than one Monte Carlo analysis method you can use."
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The Monte Carlo analysis provides a way for engineers to run a series of "what if" scenarios. It is a very useful tool when used correctly, however, it often gets misused. Using the correct method the right way will help you make sure you are not misinterpreting results.