A New Approach to Monte Carlo Simulation of Operations

  IJETT-book-cover  International Journal of Engineering Trends and Technology (IJETT)          
  
© 2014 by IJETT Journal
Volume-8 Number-4                          
Year of Publication : 2014
Authors :  Ankita Bihani
  10.14445/22315381/IJETT-V8P240

MLA 

Ankita Bihani."A New Approach to Monte Carlo Simulation of Operations", International Journal of Engineering Trends and Technology(IJETT), V8(4),218-222 February 2014. ISSN:2231-5381. www.ijettjournal.org. published by seventh sense research group

Abstract

Monte Carlo simulation are a wide class of computational algorithms that use repeated random sampling to arrive at numerical results. In other words, a simulation is run repeatedly in order to obtain the distribution of an unknown probabilistic entity. In this paper we have proposed a new approach to Monte Carlo simulation of operations thereby optimizing multi -server operations. A case study of a hospital is presented. Besides we have analysed the Monte Carlo methods against the deterministic methods.

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Keywords
Monte Carlo, optimization, multi queuing, waiting time, service time