Monte Carlo Simulation

Monte Carlo Simulation focuses on the principles of probabilistic event and risk analysis using simulation techniques, with an emphasis on using ReliaSoft BlockSim's Event Analysis module software to graphically build simulations utilizing flowcharts. This course also explores advanced risk and reliability analysis methods through integration with analyses, RBDs and/or fault trees created in ReliaSoft BlockSim.

Software used

You will use ReliaSoft BlockSim and its Event Analysis module along with other ReliaSoft products with hands-on practice and case study analysis.

Learning objectives

Define a problem, conceptualize how to obtain a solution via simulation, implement the flowchart in BlockSim's Event Analysis module, validate the model and use plots and other metrics to analyze and visualize the simulation results
Perform sensitivity analysis to evaluate how key inputs will affect the results
Automatically estimate optimum values by performing multiple simulation runs

Topics included

Understanding deterministic vs. probabilistic analysis
Introduction to simulation
Introduction to building simulation models in BlockSim's Event Analysis module

Basics of risk decision analysis
Application of quantitative decision and risk analysis
Probabilistic design concepts

Advanced reliability simulation analysis applications
Maintenance application
Life cycle cost analysis and other financial applications

Who should attend

The Monte Carlo Simulation course is for design and maintenance professionals that desire to learn how to apply simulation techniques with reliability modeling and analysis that will enable the organization to study options and assess risk prior to expending time and financial resources in development and maintenance improvements.

Ready to take your reliability education further?

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