In Part I combining simulation and decision tree techniques was introduced. But what does that actually give you? What meaningful results are created to justify the work? Obviously there are good things to come, or I wouldn’t be bringing it up! A regular spreadsheet...
Quantitatively Optimize Your Negotiation Strategy with Decision Trees In litigation, you often get stuck in inefficient negotiations. Between 95-97% of patent lawsuits settle before trial, but not before amassing an average of more than $2 million in expenses,...
CEO Message by Randy Heffernan Many who have been exposed to Monte Carlo simulation learned about it in the context of financial modeling such as asset management, cash flow analysis, or actuarial study. And that’s with good reason: The applications of Monte Carlo...
A Purchasing Strategy Example Palisade’s PrecisionTree software allows you to analyze the probabilities of different outcomes, and their impacts, in sequential, multi-stage decisions. The decision trees in PrecisionTree show the probabilities of these outcomes...
This article offers a simple and concise explanation of the Monte Carlo simulation: a technique that combines statistical concepts (random sampling) with the ability of computers to generate pseudo-random numbers and automate calculations. The key to Monte Carlo...
