is just another term for Monte Carlo Simulation?
Monte Carlo Simulation is only one of the three components of Range Estimating. The Pareto component serves as a “traffic cop,” allowing only critical variables to be admitted into the analysis. Not only does this markedly reduce the time required to perform a correct risk analysis, it adds a significant measure of protection against iatrogenic risk, a term coined by DSC to describe the case wherein an improperly conducted risk analysis has the paradoxical effect of introducing even more risk into the decision making process. The MCS component performs the pseudorandom statistical sampling, its primary function. The heuristics component serves two purposes. The input heuristic eliminates the arcane aspects of preparing input data for the MCS, in effect bringing MCS to “Everyman.” The output heuristic, unlike traditional MCS and its generational variants, produces a fully integrated and priority-driven risk/opportunity management action plan. Development of this “cocktail” represented a
