Add a Monte Carlo simulation

Objectives

Learn about Monte Carlo simulation
Learn about parameter optimization
Learn about sensitivity analysis

Learn about Monte Carlo simulation

If you want to improve your product or service by using simulated data, you can insert and run a Monte Carlo simulation. Monte Carlo simulation uses repeated random sampling to simulate data for a given mathematical model and evaluate and optimize the outcome.

From the navigator pane, select Add Tool, then select Monte Carlo Simulation.
Define the model and run the simulation. Enter the variables and the response equation manually, or select Import Models from Minitab and import any number of models from a Minitab project.
Review the results.
Perform a parameter optimization.
Perform a sensitivity analysis.

After you run a Monte Carlo simulation, Workspace displays the results, how your results compare to generally accepted values, and guidance for next steps.

For more information, go to Monte Carlo Simulation.

Learn about parameter optimization

Parameter optimization identifies optimal settings for the inputs that you can control. Workspace searches a range of values for each input to find settings that meet the defined objective and lead to better performance of the system.

For more information, go to Perform a parameter optimization.

Learn about sensitivity analysis

Sensitivity analysis identifies inputs that have little effect on the variation of the output, or inputs that reduce the variation of the output. Workspace displays a graph that shows the effect of changing the input standard deviation on the percent of output that is out-of-specification.

After you analyze the results, you can change inputs or outputs, then rerun the analysis to evaluate a number of hypothetical scenarios.

For more information, go to Perform a sensitivity analysis.

What's next

For videos, how-to's, and glossary terms, go to Minitab Workspace Support.