What is a Probabilistic or Stochastic Analysis?

Posted by Bob Farrell in Simulation Automation (Templates)Posted by Bob Farrell in System Simulation

A safe design is determined by attaining a prescribed minimum failure probability, or satisfying performance criteria within limits of its mean and standard deviation. The need for probabilistic and stochastic analysis is driven by the requirements of norms and standards and by the practical and economic constraints placed on experimentation. Read more in this NAFEMS pamphlet.

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