Whether you are attempting Monte Carlo simulation for the first time or have plenty of practical experience, Vose's book is the best text available.Vose has done a great job providing a brief but solid introduction to probability and statistics. It also serves as a great practical reference for the details and applications of all of the commonly used probability distribution functions.
He expertly summarizes each of the main steps a modeller will face in developing a model, providing very practical examples with helpful figures illustrating exactly how to implement the example in a spreadsheet.
The introduction could be improved by describing the context of his book, largerly directed towards cost analysis of projects, in the very broad field of Quantiative Risk Analysis.If I could add a section to the book, I would devote a chapter to common errors committed by the novice modeller.Minor criticisms aside, I do not hesitate in recommending this book as a reference for experts. I think it provides the fastest routeup the learning curve for the novice modeller.
Click Here to see more reviews about: Risk Analysis: A Quantitative Guide (Hardcover)
No comments:
Post a Comment