Monte carlo simulations in R

After a short summer break, the third meeting oft he TRUG took place on October 7th.

Henk Broekhuizen presented how R can be used for Monte Carlo simulations. Henk introduced the problem of combining probability distributions, then introduced the main ideas behind Monte Carlo simulations and finished with some outcomes from his own work in probabilistic MCDA models. In this kind of decision analysis, model outcomes are a complex function of the inputs. When these inputs are probability distributions, calculating the outcomes analytically becomes hard and sometimes impossible. Monte Carlo simulations are a useful and straightforward approach to approximate and visualize these model outcomes.  A pdf file of the presentation can be downloaded here: Third_TRUG_meeting

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