3:40 to 5:00 p.m. Wednesday, June 14, 2017
Risk Analysis via Monte Carlo Simulation using RENO Software
Risk is defined by the International Organization for Standardization (ISO) as the effect of uncertainty on the objectives. Consequently, a risk analysis can help to quantify the cost (e.g., monetary cost, harm to the environment, loss of life) of a predictable or unpredictable event occurring in the future. The probabilities of those events are combined with the assessment of the resulting harm into a single numerical value. RENO employs a visual flowcharting approach for building models to analyze complex probabilistic or deterministic scenarios via Monte Carlo simulation to perform a risk analysis. This tutorial will address how RENO can be used for making decisions in the face of uncertainty via examples.
Key Words: Risk Analysis, Monte Carlo Simulation, RENO, Flowchart, Modeling