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Risk Analysis Simulation using Latin Hyper Cube Sampling - Empirical review of its Effectiveness.
Develop a new model for Project Risk Management
Risk Analysis Simulation Using Latin Hyper Cube Sampling Empirical Review Of Its Effectiveness
Length: 10 pages (2923 Words)
The structure or framework for intelligent enterprise risk management assists in the assessment or evaluation of the exposure to risk factors. This forms an essential part of the factors of research and has the capability to identify certain methods that are appropriate for monitoring and mitigating the possible risks to which the project or a particular product is exposed. The Latin Hyper offers a progressive assessment and methods of analysis risk with a guarantee of reliable results. It introduces a different concept to be applied in various fields such as transport industry, engineering, construction and technological fields. It is logical in the cases of large complicated projects in which the cost exceeds the available resources. The functions of Latin Hypercube are demonstrated in the simulation of continuous risk assessment and monitoring in Monte Carlo.
Simulation, Modeling, Foreclosure, Latin hypercube, Random Sampling, Sensitivity Analysis, Monte Carlo, Spatial design, Data Optimization, Uncertainty Analysis