What is probability bounds analysis?
Probability bounds analysis is a marriage of probability theory and interval analysis that handles uncertainty and variability more comprehensively than either one can alone. Risk Calc supports over 30 named distributions (normal, lognormal, binomial, Poisson, Weibull, Pareto, etc.). But with Risk Calc you can also describe distributions using whatever information is available even if its insufficient to specify any standard distribution precisely. Risk Calc lets you do calculations with these probability bounds without making any assumption about the shape of the distribution. If your inputs are independent, Risk Calc will get you a result faster than Monte Carlo methods, and its guaranteed to be accurate since it doesnt involve random sampling. If theyre not independentor if youre worried about assuming they are without empirical evidenceRisk Calc will compute bounds on the result (usually mathematically the best possible) that circumscribe all possibilities. With Risk Calc you can u
