Step-through simulation

Jacob W Ulvila and Rex V Brown

Omega, 1978, vol. 6, issue 1, 25-31

Abstract: This report describes the initial development of the Step-Through variant of Monte Carlo simulation, a new procedure for implementing decision analysis or for training decision makers. Like regular Monte Carlo simulation, it involves sampling possible aftermaths of an initial action, and generating a distribution of outcome values for it. However, the detailed structure and/or assessments of the decision model are elicited as called for in the execution of each trial. It, therefore, permits substantial economy of elicitation if there are few trials. The Step-Through procedure also offers economy of elicitation and calculation over a traditional extensive tree decision-analytic model without requiring simplifications or aggregations in the model's conceptualization. In addition to describing this procedure, this paper presents the results of a preliminary test and evaluation of its viability.

Date: 1978
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