FAQs

Frequently Asked Questions About Probabilistic Technology, PredictionProbe and UNIPASS^® Software

 

QUESTIONS

1. What is Probabilistic Technology?
2. When was Probabilistic Technology developed?
3. What is the difference between statistical approaches and Probabilistic Technology?
4. What is UNIPASS?
5. Do I have to be an engineer to use UNIPASS?
6. How long does it take to learn Probabilistic Technology?
7. How do Monte Carlo simulations relate to Probabilistic Technology?
8. Why do we need Probabilistic Technology?
9. Is Probabilistic Technology mature enough for practical applications?
10. What is the best way to begin implementing the technology?
11. At what stage of a project should Probabilistic Technology be implemented?
12. Which industries have potential applications in Probabilistic Technology?
13. What kind of projects most benefit from Probabilistic Technology?
14. What kind of operating systems does the UNIPASS software require?
15. What kind of technology support does PredictionProbe offer its customers?
16. How do I become a registered user in the Probabilistic Technology Community?

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7. How do Monte Carlo simulations relate to Probabilistic Technology?

Monte Carlo simulation is a rudimentary form of Probabilistic Technology which was developed in the 1930's. While Monte Carlo simulation provides the most accurate results when they work and are practical, the problem is that they often are impractical. They are time intensive, often prohibitively so, and they cannot be performed unless the model has a closed form solution. Other probabilistic methods such as First Order Reliability Method and Second Order Reliability Method are available which get around the limitations of Monte Carlo simulations and still provide accurate results.