THE APPLICATION OF MONTE CARLO SIMULATION FOR A DECISION PROBLEM
The ultimate goal of the standard decision tree approach is to calculate the expected value of a selected performance measure. In the real-world situations, the decision problems become very complex as the uncertainty factors increase. In such cases, decision analysis using standard decision tree a...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Pamukkale University
2001-01-01
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| Series: | Pamukkale University Journal of Engineering Sciences |
| Subjects: | |
| Online Access: | http://dergipark.ulakbim.gov.tr/pajes/article/view/5000089854 |
| _version_ | 1797918049019363328 |
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| author | Çiğdem ALABAŞ Ö. Faruk BAYKOÇ |
| author_facet | Çiğdem ALABAŞ Ö. Faruk BAYKOÇ |
| author_sort | Çiğdem ALABAŞ |
| collection | DOAJ |
| description | The ultimate goal of the standard decision tree approach is to calculate the expected value of a selected performance measure. In the real-world situations, the decision problems become very complex as the uncertainty factors increase. In such cases, decision analysis using standard decision tree approach is not useful. One way of overcoming this difficulty is the Monte Carlo simulation. In this study, a Monte Carlo simulation model is developed for a complex problem and statistical analysis is performed to make the best decision. |
| first_indexed | 2024-04-10T13:23:12Z |
| format | Article |
| id | doaj.art-15c3f57d81a44df3bc492fc9135b673e |
| institution | Directory Open Access Journal |
| issn | 1300-7009 2147-5881 |
| language | English |
| last_indexed | 2024-04-10T13:23:12Z |
| publishDate | 2001-01-01 |
| publisher | Pamukkale University |
| record_format | Article |
| series | Pamukkale University Journal of Engineering Sciences |
| spelling | doaj.art-15c3f57d81a44df3bc492fc9135b673e2023-02-15T16:11:57ZengPamukkale UniversityPamukkale University Journal of Engineering Sciences1300-70092147-58812001-01-01711451495000083922THE APPLICATION OF MONTE CARLO SIMULATION FOR A DECISION PROBLEMÇiğdem ALABAŞÖ. Faruk BAYKOÇThe ultimate goal of the standard decision tree approach is to calculate the expected value of a selected performance measure. In the real-world situations, the decision problems become very complex as the uncertainty factors increase. In such cases, decision analysis using standard decision tree approach is not useful. One way of overcoming this difficulty is the Monte Carlo simulation. In this study, a Monte Carlo simulation model is developed for a complex problem and statistical analysis is performed to make the best decision.http://dergipark.ulakbim.gov.tr/pajes/article/view/5000089854Karar ağacı, Monte Carlo benzetimi |
| spellingShingle | Çiğdem ALABAŞ Ö. Faruk BAYKOÇ THE APPLICATION OF MONTE CARLO SIMULATION FOR A DECISION PROBLEM Pamukkale University Journal of Engineering Sciences Karar ağacı, Monte Carlo benzetimi |
| title | THE APPLICATION OF MONTE CARLO SIMULATION FOR A DECISION PROBLEM |
| title_full | THE APPLICATION OF MONTE CARLO SIMULATION FOR A DECISION PROBLEM |
| title_fullStr | THE APPLICATION OF MONTE CARLO SIMULATION FOR A DECISION PROBLEM |
| title_full_unstemmed | THE APPLICATION OF MONTE CARLO SIMULATION FOR A DECISION PROBLEM |
| title_short | THE APPLICATION OF MONTE CARLO SIMULATION FOR A DECISION PROBLEM |
| title_sort | application of monte carlo simulation for a decision problem |
| topic | Karar ağacı, Monte Carlo benzetimi |
| url | http://dergipark.ulakbim.gov.tr/pajes/article/view/5000089854 |
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