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 …

Using Monte Carlo Simulation for Purchasing Decisions Read More »

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 …

Monte Carlo Simulation of a Down Hole Dewar Flask Read More »