How Many Simulations Should I Run to Know That I've Run Enough?
Say that five times fast. Seriously, though, how many simulations are enough to be confident that your results are accurate?
Edited 2-11-2015 for clarity
DCS recommends running 5000 to 20,000 simulations when analyzing a model.
Here is why:
Statistics are estimates of the parameters of a population. 3DCS results are statistics based on a sample (the number of simulations run) of an infinite population (the number of simulations that could be run). Because a statistic is an estimate, the confidence interval is used to determine how good an estimate it is. The confidence interval is calculated from the sample's size and standard deviation and the chosen confidence level (typically 90%, 95%, or 99%).