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Risk Analysis and Uncertainty in Flood Damage Reduction Studies (2000) / Chapter Skim
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Appendix D: Functions and Random Variables
Pages 196-198

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From page 196...
... (2) When Monte Carlo simulation of a random variable is carried out, a set of n independent values is generated to yield a set of replicates I, x2, .
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From page 197...
... and the expected value of Z is the sum of the expected values of X and Y: Liz =Ax +py However, the variance of Z is ~ 2 = ~ 2 + cry + 2pxy of cry, where Pxy is the correlation coefficient of x end y (-1 (5)
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From page 198...
... However, the variability of a sum or difference of random variables depends in part on the variability in the individual variables and also on the degree of correlation or interdependence between the variables. Properly quantifying variability in a problem involving the interaction of several random variables requires an understanding and a correct representation of their interdependence or correlation.
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Key Terms

  • monte carlo
  • risk analysis
  • random variable
  • carlo simulation
  • individual variables

  • theoretical probability
  • quantifying variability
  • process actually
  • correct representation
  • analysis procedure

  • properly quantifying
  • independent values
  • variate z
  • variables depends
  • variables requires

  • expected value
  • correlation coefficient
  • amount proportional
  • positively correlated
  • expected values

  • statistically independent
  • coefficient introduces


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