Graphical descriptions of model outputs
Monte Carlo simulation graphical outputs have the advantage over statistical outputs of providing a quick, intuitive way to understand the model's results without needing a great deal of statistical knowledge.
In this section, we discuss:
Histogram and density plots – to get the best visual understanding of the output
Cumulative distribution plots – to read off probabilities
Overlaying histogram and cumulative plots - to compare output distributions
Time series summary plots – to show summary effect of a time series model
Scatter plots – to show correlation relationships
Tornado charts – crude but quick sensitivity analysis plots
Risk-return plots – to compare different decision options by benefit and cost
Spider plots – advanced sensitivity analysis plots