![]() read more and correlation between input variables. Also, it can perform sensitivity analysis Sensitivity Analysis Sensitivity analysis is a type of analysis that is based on what-if analysis, which examines how independent factors influence the dependent aspect and predicts the outcome when an analysis is performed under certain conditions. This computational algorithm makes assessing risks associated with a particular process convenient, thereby enabling better decision-making.Īlso referred to as Multiple Probability Simulation or Monte Carlo Method, this statistical technique uses randomness to solve probabilistic problems. ![]() Monte Carlo Simulation is a mathematical method for calculating the odds of multiple possible outcomes occurring in an uncertain process through repeated random sampling.
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