Abstract
Stochastic simulation is the technique of including the uncertainties into a numeric model. The value of stochastic simulation has been emphasized in literature through different applications in product development process. These applications include simulation of several product performance attributes including crashworthiness, safety, durability and comfort. The comparative cost of running stochastic simulation is usually an order higher than traditional deterministic analysis. However, if properly applied, the value obtained through this technology far exceeds than that through deterministic methods. The higher cost implies that the value has to be clearly defined, measured and balanced against the additional investment. The objective of this paper is to outline a framework for setting up guidelines for stochastic simulation as applied to product development process. Discussions are made on how the model complexity and model accuracy strongly influence the value obtained from stochastic simulation.
Published Version
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