Monte Carlo Simulation: Uncertainty and Probability (September 2015)

This webinar was presented by Nick Martin in September 2015. Below is a brief summary and video recording of the presentation.

This Webinar provides an overview of the Monte Carlo simulation capabilities which are built into GoldSim. Monte Carlo simulation is one of the simulation categories available in GoldSim. The advantage of Monte Carlo simulation is that it provides a way to explicitly deal with uncertainty and to propagate the uncertainty in model inputs to simulated results. Risk is the intentional interaction with uncertainty. Therefore, Monte Carlo simulation provides a route to addressing risk.

During the webinar, probability distributions in GoldSim will be discussed as probability distributions provide a way to represent uncertain model inputs. A review of the basic Monte Carlo-related GoldSim simulation settings will be included. And, several GoldSim models which employ Monte Carlo simulation techniques will be analyzed. Finally, common questions related to Monte Carlo simulation in GoldSim will be addressed. Click here for a video recording of the webinar presentation.