ACHIEVING A CONFIDENCE INTERVAL FOR PARAMETERS ESTIMATED BY SIMULATION.

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Abstract

A procedure is presented for determining the number of simulation observations required to achieve a preassigned confidence interval for means estimated by simulation. This procedure, which is simple to implement and efficient to use, is compared with two other methods for determining the required sample size in a simulation run. The empirical results show that this procedure gives good results in the precision of estimated means and in sample size requirement.

Original languageEnglish (US)
Pages (from-to)856-866
Number of pages11
JournalManagement Science
Volume29
Issue number7
DOIs
StatePublished - 1983

All Science Journal Classification (ASJC) codes

  • Strategy and Management
  • Management Science and Operations Research

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