Simulations require a distribution to be specified, like a normal distribution. Many times, the exact distribution to
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Simulations require a distribution to be specified, like a normal distribution. Many times, the exact distribution to be used is unknown, so we have to assume it. One argument against using simulations to perform risk analysis is that there is no real benefit because the set of assumptions is simply shifted from assumed parameter values to assumed distributions of parameters. So are simulations worth it or not?
Related Book For
Introduction To Statistics And Data Analysis
ISBN: 9780495118732
3rd Edition
Authors: Roxy Peck, Chris Olsen, Jay L. Devore
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