Computer Modeling: Policy Analysis and Simulation
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2014 Elsevier Inc. All rights reserved. A simplified description of Monte Carlo simulation is presented so that beginner risk analysts can understand how it works, how it can be applied to real-world problems, and how to get started using simulation. Four example simulation models are described briefly and their outputs are presented. The sample simulation model's outputs demonstrate the diversity of outputs that can be developed using simulation to analyze real problems and how simulation results can be used to rank risky decisions.
