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When you're doing simulations for different business or financial decision tree problems, it's useful to have Monte Carlo application at your disposal. This type of software can generate thousands or millions of results, allowing you to make probability-based decisions which would be too cumbersome otherwise. These are a few of the key features to look out for when purchasing Monte Carlo software...
Can the software keep all of the input and output data for additional analysis? This is critical for being able to compare different simulation runs, and to back test the simulation results versus real events and results later on. It is also important for auditing the results, in the event you are requested by an auditor or controller to demonstrate the accuracy of the tool you are using.
What amount of computing power do you need? Monte Carlo software is known for serious use of available CPU, memory, and data storage. Consequently, you want to manage your simulations with a desktop computer, laptop computer, cloud or grid with enough computing capacity to ensure fast results. At a minimum, the platform should have 1 gig of RAM (preferably more) and a CPU able to do multi threaded calculations. Otherwise your simulations will last way too long or you will need to reduce the amount of data you use.
What operating system have you got on your computing system and will the software work with it? Most computer systems used for enterprise and investment choices are Windows-based. Just about all Monte Carlo applications will function on Windows desktops. If you're running the Apple OS, Unix, or other operating system, you have to be certain the software is designed for your environment. In addition, you need to be sure the software runs on your particular operating system version, and updates will be readily available for future variants of your OS.
Can the software output graphic results of the Monte Carlo simulations? Presenting considerable amounts of data in a visual approach by way of graphs, maps, histograms, scatter plots, and more is crucial to be able to quickly examine and interpret the simulation outcomes. At a minimum, you need probability distributions represented by histograms in the Monte Carlo software. You must also seek out cumulative probability distribution graphs, tail studies, highest and minimum frequency occurrences.
There are many more factors to buying the right Monte Carlo software, but these are a few important considerations.
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