Sensitivity analysis and related analysis: A survey of statistical techniques

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Abstract

This paper reviews the state of the art in five related types of analysis, namely (i) sensitivity or what-if analysis, (ii) uncertainty or risk analysis, (iii) screening, (iv) validation, and (v) optimization. The main question is: when should which type of analysis be applied; which statistical techniques may then be used? This paper distinguishes the following five stages in the analysis of a simulation model. 1) Validation: the availability of data on the real system determines which type of statistical technique to use for validation. 2) Screening: in the simulation's pilot phase the really important inputs can be identified through a novel technique, called sequential bifurcation, which uses aggregation and sequential experimentation. 3) Sensitivity analysis: the really important inputs should be This approach with its five stages implies that sensitivity analysis should precede uncertainty analysis. This paper briefly discusses several case studies for each phase.
Original languageEnglish
PublisherUnknown Publisher
Number of pages24
VolumeFEW 706
Publication statusPublished - 1995

Publication series

NameResearch memorandum / Tilburg University, Faculty of Economics and Business Administration
VolumeFEW 706

Keywords

  • Experimental Design
  • Statistical Methods
  • Regression Analysis
  • Risk Analysis
  • Least Squares
  • Sensitivity Analysis
  • Optimization
  • Perturbation
  • statistics

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