Uncertainty and risk are issues that virtually every business analyst must deal with, sooner or later. The consequences of not properly estimating and dealing with risk can be devastating. There’s a ...

A technique that provides approximate solutions to problems expressed mathematically. Using random numbers and trial and error, it repeatedly calculates the equations to arrive at a solution. Many of ...

The Monte Carlo method is an alternate way to model drug sales estimates. Using my earlier method, I came up with an annual revenue estimate of $100 million for BAY 43-9006 in the treatment of renal ...

We consider the recently introduced Transformation-based Markov Chain Monte Carlo (TMCMC) (Stat. Methodol. 16 (2014) 100–116), a methodology that is designed to update all the parameters ...

Monte Carlo methods have emerged as a crucial tool in the evaluation of measurement uncertainty, particularly for complex or non-linear measurement systems. By propagating full probability ...