TY - JOUR
T1 - Monte Carlo simulation as a service in the Cloud
AU - Chang, Victor
AU - Walters, Robert John
AU - Wills, Gary
PY - 2015/1/1
Y1 - 2015/1/1
N2 - We propose a Monte Carlo simulation as a service (MCSaaS) which takes the benefits from two sides: the accuracy and reliability of typical Monte Carlo simulations and the fast performance of offering services in the Cloud. In the use of MCSaaS, we propose to remove outliers to enhance the improvement in accuracy. We propose three hypotheses and describe our rationale, architecture and steps involved for validation. We set up three major experiments. We confirm that firstly, MCSaaS with outlier removal reduces percentage of errors to 0.1%. Secondly, MCSaaS with outlier removal is expected to have slower performance than the one without removal but is kept within one second difference. Thirdly, MCSaaS in the Cloud has a significant performance improvement over a popular model on desktop. We demonstrate our approach can meet the demands for accuracy and performance.
AB - We propose a Monte Carlo simulation as a service (MCSaaS) which takes the benefits from two sides: the accuracy and reliability of typical Monte Carlo simulations and the fast performance of offering services in the Cloud. In the use of MCSaaS, we propose to remove outliers to enhance the improvement in accuracy. We propose three hypotheses and describe our rationale, architecture and steps involved for validation. We set up three major experiments. We confirm that firstly, MCSaaS with outlier removal reduces percentage of errors to 0.1%. Secondly, MCSaaS with outlier removal is expected to have slower performance than the one without removal but is kept within one second difference. Thirdly, MCSaaS in the Cloud has a significant performance improvement over a popular model on desktop. We demonstrate our approach can meet the demands for accuracy and performance.
UR - http://www.scopus.com/inward/record.url?scp=84940052021&partnerID=8YFLogxK
U2 - 10.1504/IJBPIM.2015.071245
DO - 10.1504/IJBPIM.2015.071245
M3 - Article
AN - SCOPUS:84940052021
SN - 1741-8763
VL - 7
SP - 262
EP - 271
JO - International Journal of Business Process Integration and Management
JF - International Journal of Business Process Integration and Management
IS - 3
ER -