3352. Weight Risk Using Monte Carlo Analysis For A Marine System
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Paper
Abstract
This paper presents a risk assessment method that can be used to validate margin estimates. A Monte Carlo simulation is used to determine the likelihood that a mass property limit is not exceeded during the design. This method is handy for use on complex projects was the design process uncertainty is too complex to describe with a standard normal probability distribution. The paper presents a description of risk, a method that supports Monte Carlo simulation, two examples on a ship level, and how to interpret the results.
