Monte Carlo Simulation

[SsanyaS14]

Where is this model used Statistics

What is it It is a simulation. This simulation takes random sampling for a probability distribution. It helps understand the risks and uncertain predictions in a forecasting model. They apply random variables to estimate the probability of cost overrun in a situation.

Used in Oil We can use any of the features as random variables and establish them into a simulation. This will allow us to forecast the 12 months of cumulative production based on our features.

[samirabr12]

This model seems interesting and definitely one that we can research/look into more. If I'm not wrong, however, it seems like it can only analyze one feature so I'm not sure if we would be able to use this model to analyze variable relations. Also if possible, could you put a short description/analysis of the graph below it just so it could help us understand the model better? But I think this model could be useful to predict how production could be affected by other variables, either positively or negatively.

Clear Definition - A Shown Corr - B Shown Error - D Potential - B Excitement - B

[samirabr12]

I like how this model is a little different than the other models, and the fact that it's a simulation that deals with probability. I honestly don't know how this model will do during the 2nd and 3rd sprint compared to the other top models we're looking at, but it is definitely useful. The metrics at the end where it shows error and the estimation of f(x) are also interesting.

Shown Corr - A Shown Error - A Potential - B+ Interconnectedness - B- Application - A