Web Reference: In this section we provide a practical overview of a selection of widely-used sensitivity analysis methods, following a natural decision-making process: (1) determine available resources; (2) determine input dependencies; (3) consider what information is provided by available methods. Sensitivity Analysis is the process of passing different inputs to a model to see how the outputs change. It differs from Monte Carlo Simulation in that no probability distributions are assigned to the inputs, and typically larger ranges of the inputs are chosen. Sensitivity analysis is essentially the exploration of the multidimensional input space, which grows exponentially in size with the number of inputs. Therefore, screening methods can be useful for dimension reduction.
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