Monte Carlo simulation is used to quantify and characterize uncertainty in a variety of applications such as financial/engineering economic analysis, and project management. The dependence or correlation between the random variables modeled can also be simulated to add more accuracy to simulations. However, there exists a difference between how correlation...
The use of fossil fuels and their related impact on the environment and global warming have encouraged societies to pursue more sustainable and renewable alternatives, e.g., forest-based bio-oil. Thus, a vital need to decrease the level of greenhouse gas emissions and the tendency of nations to reduce their dependency on...
There are many uncertainties that complex engineered systems will face throughout their lifecycles due to changes in internal and external conditions. It is desirable for complex engineered systems to be resilient against various uncertainties. The ability to overcome such uncertainties should be embedded into the system from the beginning. However,...