What is it about?
When risk is present in a project or a real-life situation, assessing risk is very important for risk mitigation. Complexity of the processes involved in real life makes it difficult to assess risk in pratice and, in these situations, simulation is a powerful tool for modeling and assessing risk in many areas. In this article, we present the main techniques for assessing risk from the output of simulation experiments.
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Why is it important?
Assessing risk is very important in many areas such as Finance, Health Care, Supply Chain Management, Waste Treatment, Ecology and Environment, Materials Sciences, Risk Policy and Law, Engineering and Infrastructure, Security and Defense, among others.
Perspectives
These article reviews the main techniques for estimation of performance measures for risk assessment including expectations, nonlinear functions of expectations, quantiles and M estimators. Illustrative examples from inventory management are discussed using special purpose software developed for these examples.
Dr. David Fernando Muñoz
Instituto Tecnologico Autonomo de Mexico
Read the Original
This page is a summary of: Simulation Output Analysis for Risk Assessment and Mitigation, January 2021, Springer Science + Business Media,
DOI: 10.1007/978-3-030-78152-1_6.
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