The Monte Carlo simulation
technique was developed in the mid-20th century by Stanislaw Ulam. In his autobiography Adventures of a Mathematician he explains that it was named after the world famous casino in honour of his uncle, who was a gambler, at the suggestion of
Named after the casino and games of chance, the Monte Carlo Simulation Technique is an extremely powerful analysis tool . . . . for those who would prefer not to gamble with their assets!
The technique is an accepted method for modelling processes which are influenced by a large number of individual events occurring randomly in space and time. The Monte Carlo Simulation Technique is well suited to calculation using a computer.
Using this software complex real life
operations can be modelled using
deterministic data (known events) or
probability distributions (random events with best estimates). BPP-TECH's sophisticated software package Monte Carlo Simulator and its team of specialist engineers have provided clients with solutions for a wide range of complex applications.
BPP-TECH makes extensive use of
Monte Carlo simulation techniques for
numerous applications including the
assessment of complex offshore
operations limited by factors such as
equipment and manning availability,
failures and outages, weather sensitivity and motion limits. BPP-TECH engineers have applied Monte Carlo techniques to numerous engineering and insurance related scenarios to establish, beyond reasonable doubt, appropriate levels of costs. The method has the key advantage in that it provides a probability that a specific outcome will be achieved (e.g. 99% probability that repair cost will be less than $5m).
Assessing repair options: start date, vessel availability, transit and performance, standby time and weather
Tow out/installation: current, tides, weather forecasts, tug selection & deployment, crane vessel lift limits
Floating vessel operations: tanker capacity, transit times, connection & disconnection criteria, weather, mini-mum product levels, rig movement following storm line breakage