A New Approach to Monte Carlo Simulation of Operations
Journal Title: INTERNATIONAL JOURNAL OF ENGINEERING TRENDS AND TECHNOLOGY - Year 2014, Vol 8, Issue 4
Abstract
Monte Carlo simulation are a wide class of computational algorithms that use repeated random sampling to arrive at numerical results. In other words, a simulation is run repeatedly in order to obtain the distribution of an unknown probabilistic entity. In this paper we have proposed a new approach to Monte Carlo simulation of operations thereby optimizing multi -server operations. A case study of a hospital is presented. Besides we have analysed the Monte Carlo methods against the deterministic methods.
Authors and Affiliations
Ankita Bihani
Keywords
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