Setting Up a Monte Carlo Alternative

In addition to the Operations, Lookback, and Time Series data needed for any alternative, the setup for a Monte Carlo alternative has three other data requirements. The first is the set of input variables that will be randomly sampled with each Monte Carlo iteration. The second is the set of output variables that are of interest, and that you expect to be impacted by the varied input. The third is the specification of the Monte Carlo iteration scheme and convergence criteria for the analysis. This information can be defined on the three sub-tabs of the Monte Carlo tab in the ResSim Alternative Editor ("Figure: ResSim Alternative Editor - Monte Carlo Tab - Input Variable Sub-Tab").

When a Monte Carlo alternative is run in a ResSim Simulation, it will create and compute new iterations until (a) the convergence criteria is met, or (b) the maximum number of iterations is reached.