Monte Carlo Analysis

{
  "id": "MLC-T-ENV-017782",
  "term": "Monte Carlo Analysis",
  "field": "Environment",
  "definition": "1. A technique for characterizing the uncertainty and variability in risk estimates by repeatedly sampling the probability distributions of the risk equation inputs and using these inputs to calculate a distribution of risk values. A set of iterations or calculations from Monte Carlo sampling is a simulation.\n\n2. A computational method that involves repeated random sampling from the original (i.e., full) dataset in order to calculate results. Typically Monte Carlo simulations are performed when the underlying parameter cannot be estimated using deterministic methods.\n\n3. A statistical technique which uses random numbers to determine whether a set of data values is random. A Monte-Carlo analysis simulates situations where elements of risk are affected by variations in the value of a variable to determine which of these variations have the greatest influence on the various elements of risk. This technique also can be used for comparing alternatives involving elements of risk or alternative economic decisions. [NYS 1998]",
  "abbreviation": "MCA",
  "references": [
    "EPA Definitions of Terms Relevant to PRA and References for Further Reading at http://www.epa.gov/oswer/riskassessment/rags3adt/pdf/appendixe.pdf",
    "EPA Guidelines to Assessing Regional Vulnerabilities at http://www.epa.gov/reva/docs/guidelines_reva_20080627.pdf",
    "Thesaurus of Terms Used in Microbial Risk Assessment"
  ],
  "url": "https://mlchart.com/terminology/environment/monte-carlo-analysis/"
}