Brief review of conditional probability and expectation followed by a study of Markov chains, both discrete and continuous time. Queuing theory, terminology, and single queue systems are studied with ...

ABSTRACT Importance Sampling is a popular method for reliability assessment. Although it is significantly more efficient than standard Monte Carlo simulation if a suitable sampling distribution is ...

Tzveta Iordanova is an expert in credit and risk management, financial reporting, and a writer for online financial services platforms. Andy Smith is a Certified Financial Planner (CFP®), licensed ...

ABSTRACT There is randomness in both the applied loads and the strength of systems. Therefore, to account for the uncertainty, the safety of the system must be quantified using its reliability. Monte ...

Researchers have developed a highly efficient method to investigate systems with long-range interactions that were previously puzzling to experts. These systems can be gases or even solid materials ...

Taking the topics of a quantitative methodology course and illustrating them through Monte Carlo simulation, Monte Carlo Simulation and Resampling Methods for Social Science, by Thomas M. Carsey and ...