Monte Carlo simulation — the method of statistical analysis that determines the probability of certain events using a roulette-wheel like generation of random numbers — has become so popular that ...

Due to robust growth in the global demand for refined products, refiners often face the tough decision of whether to spend significantly to accelerate expansion projects or stick to existing time ...

I am looking to estimate the potential for failure in a complex system using Monte Carlo simulation. I am quite familiar with using MC for engineering simulations, but have never approached the ...