The more plot: Displaying measures of risk and error from simulation output

Research output: Chapter in Book/Report/Conference proceedingConference contribution

20 Scopus citations

Abstract

The focus on mean (long-run average) performance as the primary output measure produced by simulation experiments diminishes the usefulness of simulation for characterizing risk. Confidence intervals on means are often misinterpreted as measures of future risk, when in fact they are measures of error. We introduce the Measure of Risk amp; Error (MORE) plot as a way to display and make intuitive the concepts of risk and error and thus support sound experiment design and correct decision making.

Original languageEnglish (US)
Title of host publicationProceedings of the 2008 Winter Simulation Conference, WSC 2008
Pages413-416
Number of pages4
DOIs
StatePublished - Dec 1 2008
Event2008 Winter Simulation Conference, WSC 2008 - Miami, FL, United States
Duration: Dec 7 2008Dec 10 2008

Other

Other2008 Winter Simulation Conference, WSC 2008
CountryUnited States
CityMiami, FL
Period12/7/0812/10/08

ASJC Scopus subject areas

  • Software
  • Modeling and Simulation
  • Computer Science Applications

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