Monte Carlo Simulation

Monte Carlo simulation in purchasing - components

Using Monte Carlo Simulation for Purchasing Decisions

Using Monte Carlo simulation for purchasing decisions can allow for overall cost reduction by selecting optimum order quantities.  In this article we will explore how to use simulation to minimize the total cost of a purchased component. When using purchased components, the purchase price is only part of the total cost.  Carrying cost also should …

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Dewar flask diagram

Monte Carlo Simulation of a Down Hole Dewar Flask

A Dewar flask is used in the oil & gas industry to protect electronics from high temperatures experienced down hole.  As temperatures increase, reliability of electronic components decrease and ultimately fail. We will analyze a Dewar flask design using Monte Carlo simulation of time down hole before an internal flask temperature of 435 Kelvin is …

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New Premium Version of Simulation Master

A new premium version of Simulation Master is coming soon.  The new version extends the capabilities of Simulation Master to include distribution fitting and optimization.  The standard version will continue to provide basic Monte Carlo simulation at an affordable price point.  Simulation Master premium provides a full set of features for advanced simulations. For more …

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Monte Carlo integration output

Integration Using Monte Carlo Simulation

Monte Carlo integration can be used to estimate integrals that cannot be easily solved by analytical methods.  There are several methods to apply Monte Carlo integration for finding integrals.  In this article we will cover the basic method. Basic Monte Carlo Integration The basic method of Monte Carlo integration randomly samples the function value on …

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