NotesFAQContact Us
Collection
Advanced
Search Tips
Back to results
Peer reviewed Peer reviewed
Direct linkDirect link
ERIC Number: EJ1372363
Record Type: Journal
Publication Date: 2022-May
Pages: 13
Abstractor: As Provided
ISBN: N/A
ISSN: N/A
EISSN: EISSN-1532-0545
Available Date: N/A
Monte Carlo Enhancement via Simulation Decomposition: A "Must-Have" Inclusion for Many Disciplines
Kozlova, Mariia; Yeomans, Julian Scott
INFORMS Transactions on Education, v22 n3 p147-159 May 2022
Monte Carlo (MC) simulation is widely used in many different disciplines in order to analyze problems that involve uncertainty. Simulation decomposition has recently provided a simple, but powerful, advancement to the standard Monte Carlo approach. Its value for better informing decision making has been previously shown in the investment-analysis field. In this paper, we demonstrate that simulation decomposition can enhance problem analysis in a wide array of domains by applying it to three very different disciplines: geology, business, and environmental science. Further extensions to such disciplines as engineering, natural sciences, and social sciences are discussed. We propose that by incorporating simulation decomposition into pedagogical practices, we expect students to significantly advance their problem-understanding and problem-solving skills.
Institute for Operations Research and the Management Sciences (INFORMS). 5521 Research Park Drive Suite 200, Catonsville, Maryland 21228. Tel: 800-446-3676; Tel: 443-757-3500; Fax: 443-757-3515; e-mail: informs@informs.org; Web site: https://pubsonline.informs.org/journal/ited
Publication Type: Journal Articles; Reports - Research
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A
Author Affiliations: N/A