Learning Outcome Statements

1. Steps in simulation

a. describe steps in running a simulation;

b. explain three ways to define the probability distributions for a simulation's variables;

c. describe how to treat correlation across variables in a simulation;

2. Advantages, issues and constraints

d. describe advantages of using simulations in decision making;

e. describe some common constraints introduced into simulations;

f. describe issues in using simulations in risk assessment;

3. An overall assessment of probabilistic risk assessment approaches

g. compare scenario analysis, decision trees, and simulations.