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Evaluating warfighter lethality is a critical aspect of military performance. Raw metrics such as marksmanship speed and accuracy can provide some insight, yet interpreting subtle differences can be challenging. For example, is a speed difference of 300 milliseconds more important than a 10% accuracy difference on the same drill? Marksmanship evaluations must have objective methods to differentiate between critical factors while maintaining a holistic view of human performance.

Monte Carlo simulations are one method to circumvent speed/accuracy trade-offs within marksmanship evaluations. They can accommodate both speed and accuracy implications simultaneously without needing to hold one constant for the sake of the other. Moreover, Monte Carlo simulations can incorporate variability as a key element of performance. This approach thus allows analysts to determine consistency of performance expectations when projecting future outcomes.

The review divides outcomes into both theoretical overview and practical implication sections. Each aspect of the Monte Carlo simulation can be addressed separately, reviewed and then incorporated as a potential component of small arms combat modeling. This application allows for new human performance practitioners to more quickly adopt the method for different applications.

Performance implications are often presented as inferential statistics. By using the Monte Carlo simulations, practitioners can present outcomes in terms of lethality. This method should help convey the impact of any marksmanship evaluation to senior leadership better than current inferential statistics, such as effect size measures.

The purpose of this paper is to deal with the appropriateness of using the Monte Carlo simulation as a technique to calculate risk in real estate development.

The paper is divided into two interlinked segments. The first segment examines the general definition of risk and Monte Carlo simulation methodology as a tool to estimate risk. The second outlines the appropriateness of using Monte Carlo as a tool to model real estate development, given the lack of data quality and its inability to account for human relationships in the development process.

It is important that the Monte Carlo Simulation model is used as prescriptive model that builds on the original elicitation procedures; produces initial results; allows for detailed sensitivity analysis and then remodels as required. In short, to be fully effective, the Monte Carlo Simulation model needs to be used in a complementary fashion with an understanding of human judgement and decision making.

A fuller analysis may include an examination of the uncertainties in each of the components of the appraisal and account for the appropriate distributions of each of these variables. This is generally referred to as a Monte Carlo simulation. The argument in favour of a Monte Carlo simulation is that it helps the appraiser have a better understanding of the possible outcomes for the development and the relative impact of each input in the pricing of the project.

A lot of work has been done looking at scenario modelling with probabilities and the results that ensue. However, it is important that these quantitative results are placed in the context of the heuristic and cognitive approaches adopted by the decision maker. In other words, the behaviour of the decision maker is as influential in the interpretation of the results as the numbers themselves. This paper looks at the advantages and disadvantages of using Monte Carlo simulation in this context.

This study contributes significantly to the practical application of probability‐based models to development appraisal. The findings of the study are useful for users of feasibility studies to understand the context in which a development feasibility is carried out, and for appraisers to extend the scope of their analysis when carrying them out.

The purpose of this paper is to use the game theory combined with Monte Carlo simulation modelling to support the analysis of different retail marketing strategies, in particular, using payoff matrices for modelling the likely outcomes from different retail marketing strategies.

Theoretical research was utilised to develop a practical approach for applying game theory to retail marketing strategies via payoff matrices combined with Monte Carlo simulation modelling.

Game theory combined with Monte Carlo simulation modelling can provide a formal approach to understanding consumer decision making in a retail environment, which can support the development of retail marketing strategies.

Game theory combined with Monte Carlo simulation modelling can support the modelling of the interaction between retail marketing actions and consumer responses in a practical formal probabilistic manner, which can inform marketing strategies used by retail companies in a practical manner.

Game theory combined with Monte Carlo simulation modelling can provide a formalised mechanism for examining how consumers may respond to different retail marketing strategies.

The originality of this research is the practical application of game theory to retail marketing, in particular the use of payoff matrices combined with Monte Carlo simulation modelling to examine likely consumer behaviour in response to different retail marketing approaches.

Although very significant and applicable, there have been no formal justifications for the use of Monte‐Carlo models and Markov chains in evaluating hospital admission decisions or concrete data supporting their use. For these reasons, this research was designed to provide a deeper understanding of these models. The purpose of this paper is to examine the usefulness of a computerized Monte‐Carlo simulation of admission decisions under the constraints of emergency departments.

The authors construct a simple decision tree using the expected utility method to represent the complex admission decision process terms of quality adjusted life years (QALY) then show the advantages of using a Monte‐Carlo simulation in evaluating admission decisions in a cohort simulation, using a decision tree and a Markov chain.

After showing that the Monte‐Carlo simulation outperforms an expected utility method without a simulation, the authors develop a decision tree with such a model. real cohort simulation data are used to demonstrate that the integration of a Monte‐Carlo simulation shows which patients should be admitted.

This paper may encourage researchers to use Monte‐Carlo simulation in evaluating admission decision implications. The authors also propose applying the model when using a computer simulation that deals with various CVD symptoms in clinical cohorts.

Aside from demonstrating the value of a Monte‐Carlo simulation as a powerful analysis tool, the paper's findings may prompt researchers to conduct a decision analysis with a Monte‐Carlo simulation in the healthcare environment.

In this paper we use Monte Carlo sampling experiments to examine the properties of pretest estimators in the random parameters logit (RPL) model. The pretests are for the presence of random parameters. We study the Lagrange multiplier (LM), likelihood ratio (LR), and Wald tests, using conditional logit as the restricted model. The LM test is the fastest test to implement among these three test procedures since it only uses restricted, conditional logit, estimates. However, the LM-based pretest estimator has poor risk properties. The ratio of LM-based pretest estimator root mean squared error (RMSE) to the random parameters logit model estimator RMSE diverges from one with increases in the standard deviation of the parameter distribution. The LR and Wald tests exhibit properties of consistent tests, with the power approaching one as the specification error increases, so that the pretest estimator is consistent. We explore the power of these three tests for the random parameters by calculating the empirical percentile values, size, and rejection rates of the test statistics. We find the power of LR and Wald tests decreases with increases in the mean of the coefficient distribution. The LM test has the weakest power for presence of the random coefficient in the RPL model.

This article surveys recent developments in the evaluation of point and density forecasts in the context of forecasts made by vector autoregressions. Specific emphasis is placed on highlighting those parts of the existing literature that are applicable to direct multistep forecasts and those parts that are applicable to iterated multistep forecasts. This literature includes advancements in the evaluation of forecasts in population (based on true, unknown model coefficients) and the evaluation of forecasts in the finite sample (based on estimated model coefficients). The article then examines in Monte Carlo experiments the finite-sample properties of some tests of equal forecast accuracy, focusing on the comparison of VAR forecasts to AR forecasts. These experiments show the tests to behave as should be expected given the theory. For example, using critical values obtained by bootstrap methods, tests of equal accuracy in population have empirical size about equal to nominal size.

The Monte‐Carlo particle model is a technique of simulating small semiconductor devices. It consists briefly of following the detailed transport histories of individual carriers, their time of free flight and consequent scattering chosen by a random number technique. A description of the method is given. The method has proved itself successful in semiconductor analysis, and as an example of its application we are using it to study the influence the epitaxial doping has on the performance of field‐effect transistors. We are comparing a transistor with an epitaxially grown active layer, with one with an ion implanted active layer and with an ideal device with an abrupt transition between the epilayer and the substrate. The cut‐off bias for ideal transistor is found to be more sharply defined than for the other two types of transistors. The spatial distribution of the carriers follows roughly the doping profile near the source. Underneath the gate the peak of the carrier density is pushed further down and into the substrate as the gate bias increases. This peak also weakens as the gate bias rises, and vanishes at, and beyond cut‐off. In the high field region after the gate the upper valleys population increases with increased drain bias and decreases with increased gate bias. The power gain and the y‐parameters are examined for all devices, both near pinch‐off and for no external gate bias. In both cases the ion implanted transistor shows the greatest gain. This transistor also exhibits the lowest minimum noise figure.

This paper aims to examine the conditions under which small and medium enterprises (SMEs) invest in security services when they migrate their e-commerce applications to the cloud environment. Using a risk management perspective, the paper assesses the impact of security service pricing, security incident prevalence and virulence to estimate SME security spending at the market level and draw out implications for SMEs and security service providers.

Security risks are inherently characterized by uncertainty. This study uses a Monte Carlo approach to understand the role of uncertainty in the decision to adopt security services. A model relating key security constructs is assembled based on key constructs from the domain. By manipulating security service costs and security incident types, the model estimates the market-level adoption of services, security incidents and damages incurred, along with measures of their relative dispersion.

Three key findings emerge from this study. First, adoption of services and protection is higher when tiered security services are provided, indicating that SMEs prefer to choose their security services rather than accept uniformly priced products. Second, SMEs are considered price-sensitive, resulting in a maximum level of spending in the market. Third, results indicate that security incidents and damages can be much higher than the mean in some cases, and this should serve as a cautionary note to SMEs.

Security spending has been modeled at the firm level. Adopting a market-level perspective represents a novel contribution. Additionally, the Monte Carlo approach provides managers with tangible measures of uncertainty, affording additional information and insight when making security service adoption decisions.

An empirical velocity‐field relationship, based on Monte Carlo simulation, is used to modify a drift‐diffusion model for the characterization of short gate GaAs MESFET's. The modified drift‐diffusion model is used to generate both the steady‐state and the small‐signal parameters of submicron GaAs MESFET's. The current, transconductance, and cutoff frequency are compared with two‐dimensional Monte Carlo simulation results on a 0.2 µm gate‐length. The model is also used to predict measured I‐V and s‐parameters of a 0.5 µm gate‐length ion‐implanted GaAs MESFET. The comparison and the analysis made, support the accuracy of the modified drift‐diffusion simulator and makes it computationally efficient for analysis of short‐gate devices.

We compare methods to measure comovement in business cycle data using multi-level dynamic factor models. To do so, we employ a Monte Carlo procedure to evaluate model performance for different specifications of factor models across three different estimation procedures. We consider three general factor model specifications used in applied work. The first is a single-factor model, the second a two-level factor model, and the third a three-level factor model. Our estimation procedures are the Bayesian approach of Otrok and Whiteman (1998), the Bayesian state-space approach of Kim and Nelson (1998) and a frequentist principal components approach. The latter serves as a benchmark to measure any potential gains from the more computationally intensive Bayesian procedures. We then apply the three methods to a novel new dataset on house prices in advanced and emerging markets from Cesa-Bianchi, Cespedes, and Rebucci (2015) and interpret the empirical results in light of the Monte Carlo results.