What is a Monte Carlo Analysis with Fred Schenkelberg
In today’s episode, the guest Fred Schenkelberg explains the Monte Carlo simulation in a fair amount of detail. Before you get in the depth of how the tool works, you need to understand what basically this method is. The Monte Carlo simulation has been around since World War 2 and it is a mathematical technique that works based on probability functions, random variables, and the distribution of statistical data. The main concept of it to give the decision maker the most obvious choices while facing any risks to get the best out of every possible outcome. The tool serves the purpose for getting a better insight of the consequences relative to each choice the person making decisions has to make. When you’re looking for the reliability of your assets and checking the integrity of your different maintenance programs, it is a really powerful tool.
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