Doing back 30 years, decision trees were the applications of choice to make decisions. However, computers have become much faster and new techniques have developed to make Monte Carlo a choice for many companies and consultants to evaluate opportunities under uncertainty. There are many different ways to do Monte Carlo, but the SIPmath add-in from Probability Management is a good one to utilize, particularly for those just getting started.
On my YouTube Channel I have a number of example applications utilizing SIPmath. There is a version of SIPmath that is free that can do a lot, and it is not a trial copy. It is yours forever. I have one video that explains how to use the basic features. Links to this video and my YouTube channel with a 100 other applications and techniques are given below. Happy to start a conversation on Linked-In ----- Brian Putt
Decisions considering Uncertainty on Brian Putt YouTube Channel
https://www.youtube.com/channel/UCQe6h4QIHvQ1Yje0SolEZCQ
SIPmath Tool Bar training
https://www.youtube.com/watch?v=ZYsmf-r_NvI&t=753s
------------------------------
BRIAN PUTT
Decision Scientist Consultant
retired
Fremont CA
------------------------------
Original Message:
Sent: 11-01-2023 17:44
From: Meitong Chen
Subject: Monte Carlo Simulations and Industry Applications
Hey Open Forum members!
I'm currently reading "Modern Statistical Methods for Complex Systems" and one of the chapters delves into Monte Carlo simulations. We practiced using this method to calculate the area of a circle in class, which was a fascinating introduction to its capabilities.
Table Topics Response:
Monte Carlo methods, as I understand, are stochastic techniques that utilize randomness to solve problems which might be deterministic in nature. While we used it in a rather simple setting with the circle's area, it's made me curious about its broader implications and applications.
Question:
Has anyone used Monte Carlo simulations in real-world scenarios or in industry applications? I'd love to learn how these techniques are applied beyond academic exercises.
On a side note, I noticed Robin Lougee mentioned an upcoming workshop on "Advanced Stochastic Models" and was inviting suggestions for resources. After a bit of digging, I found a fantastic course on Coursera titled "Stochastic Processes & Applications" which covers not just the basics but dives deep into practical examples. It might be a beneficial resource for anyone attending the workshop or just wanting to expand their knowledge in the area. Here's the link for anyone interested (Çok değişkenli Fonksiyon II: Uygulamalar / Multivariable Calculus II: Applications
| Coursera | remove preview |
| | Çok değişkenli Fonksiyon II: Uygulamalar / Multivariable Calculus II: Applications | | Offered by Koç University. Ders çok değişkenli fonksiyonlardaki iki derslik dizinin ikincisidir. Birinci ders türev ve entegral kavramlarını ... Enroll for free. | | View this on Coursera > |
|
|
)!
Looking forward to your insights and shared experiences!
Cheers,
Eva
------------------------------
1
San Francisco CA
------------------------------