Choosing an Appropriate Distribution

Choosing an Appropriate Distribution, available at $34.99, has an average rating of 4.2, with 30 lectures, based on 15 reviews, and has 142 subscribers.

You will learn about How to select the best distribution for your @RISK models This course is ideal for individuals who are Users of @RISK or of any other Monte Carlo simulation software It is particularly useful for Users of @RISK or of any other Monte Carlo simulation software.

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Summary

Title: Choosing an Appropriate Distribution

Price: $34.99

Average Rating: 4.2

Number of Lectures: 30

Number of Published Lectures: 30

Number of Curriculum Items: 30

Number of Published Curriculum Objects: 30

Original Price: $27.99

Quality Status: approved

Status: Live

What You Will Learn

How to select the best distribution for your @RISK models

Who Should Attend

Users of @RISK or of any other Monte Carlo simulation software

Target Audiences

Users of @RISK or of any other Monte Carlo simulation software

Current @RISK users, both novices and experts, business and financial analysts, economists, statisticians, scientific researchers using @RISK or any other Monte Carlo simulation platform may greatly benefit by taking this course.  Students who also want to be introduced to @RISK as a general simulation methodology will benefit from this course.

It is intended to answer the common question modelers have whenever they are building a model: How to choose appropriate distributions for the variables, or “moving parts” of a Monte Carlo simulation model they are attempting to build. The principle of GIGO (“garbage in, garbage out”) applies here dramatically well. Build a model with appropriate distributions that clearly reflect the statistical nature of your variables and you will end up with a robust model to withstand reality testing. Build a model with lousily chosen distributions and your model will be as weak and questionable as any of your input variables.

This course starts by introducing a decision tree as a structure to help decide on multiple distributions. The world of statistical distribution functions is endless. @RISK uses some 97 different distribution functions to choose from. And this is not the end of it, since you can create, as we will show, your own distributions.

Course Curriculum

Chapter 1: Introduction

Lecture 1: Introduction to the Course

Lecture 2: How to download @RISK free trial

Lecture 3: Introduction

Lecture 4: Discrete or Continuous

Chapter 2: Discrete Distributions

Lecture 1: Exercise 1 Bernoulli Distribution

Lecture 2: Exercise 2 Binomial Distribution

Lecture 3: Exercise 3 Poisson Distribution

Chapter 3: Continuous Distributions

Lecture 1: Continuous Distributions

Lecture 2: Exercise 4 Distribution Fitting

Lecture 3: Expert Opinion

Lecture 4: Exercise 5 Uniform Distribution

Lecture 5: Comparing PERT and Triangular Distributions

Lecture 6: Exercise 6 PERT and Triangular Distributions

Lecture 7: Exercise 7 Triangular Distribution

Lecture 8: Exercise 8 The Critical Value Algorithm

Lecture 9: Industry Specific Distributions

Lecture 10: Available Parameters

Lecture 11: Alternate LogNormal Distribution

Lecture 12: Unavailable Parameters

Lecture 13: Kernel 1 Conditional Distributions Considering 2 States of Nature

Lecture 14: Exercise 10 Kernel 1

Lecture 15: Kernel 2 Conditional Distributions Considering Multiple States of Nature

Lecture 16: Exercise 11 Kernel 2

Chapter 4: Frequency/Severity Models

Lecture 1: Frequency Severity Models

Lecture 2: Exercise 12 Multiplicative Solution

Lecture 3: Exercise 13 Event by Event Solution

Lecture 4: Exercise 14 Compound Function Solution

Chapter 5: Other Distributions

Lecture 1: Exercise 15 Using a Johnson Moments Distribution

Lecture 2: Exercise 16 Using a General Distribution

Lecture 3: Eiplogue The Missing Distribution

Instructors

Fernando Hernandez
Risk and Decision Analysis Consultant and Trainer

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4 stars: 7 votes

5 stars: 6 votes

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