2012
DOI: 10.1155/2012/463873
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Monte Carlo Simulation Models Evolving in Replicated Runs: A Methodology to Choose the Optimal Experimental Sample Size

Abstract: The idea of a methodology capable of determining in a precise and practical way the optimal sample size came from studying Monte Carlo simulation models concerning financial problems, risk analysis, and supply chain forecasting. In these cases the number of extractions from the frequency distributions characterizing the model is inadequate or limited to just one, so it is necessary to replicate simulation runs many times in order to obtain a complete statistical description of the model variables. Generally, a… Show more

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Cited by 28 publications
(15 citation statements)
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“…The same principle also applies to a set of stochastic (Monte Carlo) simulation models in other domains (e.g., traffic flow, financial problems, risk analysis, supply chain forecasting, etc. ), where, in most cases, the standard practice is to report the averages and standard deviations of the measures of interest (known as the Measures of Effectiveness , or MOEs) [43,44]. …”
Section: Introductionmentioning
confidence: 99%
“…The same principle also applies to a set of stochastic (Monte Carlo) simulation models in other domains (e.g., traffic flow, financial problems, risk analysis, supply chain forecasting, etc. ), where, in most cases, the standard practice is to report the averages and standard deviations of the measures of interest (known as the Measures of Effectiveness , or MOEs) [43,44]. …”
Section: Introductionmentioning
confidence: 99%
“…The Monte Carlo simulation was set‐up for 300 runs to generate a stochastic dataset of feed cell count, feed cell viability, and feed turbidity, based on the fitted log‐normal distribution. Three hundred iterations were found to be sufficient to reach convergence and hence provided a reliable probability distribution of all the feed input parameters . Using this stochastic dataset, pressure profiles for all the 300 clarification lots were predicted using the developed ANN network.…”
Section: Resultsmentioning
confidence: 99%
“…Three hundred iterations were found to be sufficient to reach convergence and hence provided a reliable probability distribution of all the feed input parameters. 35 Using this stochastic dataset, pressure profiles for all the 300 clarification lots were predicted using the developed ANN network. The filter loading capacity was determined for each case using a cutoff pressure of 1.1 bar.…”
Section: Variable Filter Sizingmentioning
confidence: 99%
“…in the form of a probability density function (PDF) and also making proper use of the Monte Carlo method [22,23].…”
Section: Discussionmentioning
confidence: 99%