webbanner engineeringsolutions SMARTSTAT™:
Monte Carlo Simulation

The SMARTSTAT™ software allows you to generate, using Monte Carlo simulation, quantitative assessments of variables and risk factors from your AIØ WIN® activity models. The SMARTSTAT™ software allows users to assign statistical characteristics to independent variables and, using simulation, track the statistical behavior of dependent parameters over several iterations.

Overview

The SMARTSTAT™ software is a Monte Carlo simulation tool that, operating in conjunction with Microsoft Excel®, provides decision-makers with quantitative assessments of variables and risk factors from the AIØ WIN® software. The SMARTSTAT™ software allows users to assign statistical characteristics to independent variables and, using simulation, track the statistical behavior of dependent parameters over several iterations.

Powerful Variation Tracking

With a finished Excel® spreadsheet, users can assign statistical characteristics to independent cells by defining a distribution type (i.e., normal, uniform, exponential, triangular or discrete distribution) to the cell. Each distribution type requires certain inputs from the user, which establishes the basis for defining the possible patterns each cell can take. Once distribution types are assigned, users next identify target cells whose variations, resulting from changes in independent cell values, should be tracked.

Using this data, the SMARTSTAT™ software performs a series of simulation iterations (designated by the user) and tracks the value changes of the selected target cells. The results of each simulation iteration are presented in an Excel® "Statistical Report" spreadsheet that includes histogram charts for all the dependent and independent variables as well as confidence intervals; average, mean, median and standard deviation; minimum and maximum value; and range, skewness and kurtosis for all the parameters selected.

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