Get expert advice and practical guidance in using Monte Carlo simulation to improve modeling accuracy and efficiency.
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Monte Carlo simulation tips & tricks
The basics of risk analysis in the enterprise
Risky business – bad news? Not necessarily. While the word risk has a negative connotation for some, it’s a source of business opportunity for others. Good risk analysis …
Data modeling 101
Think data modeling is just for the geeks? Think again! Even if deep down in the IT layers data models can make Egyptian hieroglyphs look like a Dr. Seuss book by comparison …
Finding out what you don’t know with sensitivity analysis
Remember Donald Rumsfeld’s speech from 2007 on the things we know and the things we don’t? How about some uncertainty or importance analysis to go with that?
Deterministic or Stochastic – Which business modeling should you present?
Aaah… if only someone had written a program to automatically choose the type of modeling for any given business situation. Perhaps somebody has and it is buried somewhere …
5 mistakes to avoid if you want to make good quantitative risk assessments
Numbers don’t lie. It’s the people using them that are responsible for falsehoods, distortions, or simply mistakes! Yet numbers have several attractions: you can compare them …
Business modeling needs more than spreadsheet dinosaurs
Huge body, tiny brain. Those were prominent characteristics of dinosaurs and part of their DNA. Those that were unable to cope with changes died out, although they had a good run …
Estimation of mutual information
A measure of association is a function that rates the strength of statistical dependence between two variables. In casual talk, people often express this idea by asserting that …