US Patent Issued on July 22 for "System and a method for correcting inflated computed risk estimates by employing Monte Carlo simulations" (Florida Inventor)

ALEXANDRIA, Va., July 23 -- United States Patent no. 12,367,327, issued on July 22.

"System and a method for correcting inflated computed risk estimates by employing Monte Carlo simulations" was invented by Ernest Forman (Boynton Beach, Fla.).

According to the abstract* released by the U.S. Patent & Trademark Office: "Disclosed is a system for correcting inflated computed estimates of event loses derived from computed likelihoods and impacts of the events. The system includes a processor, an input unit, a display unit, a Monte Carlo simulation trials to generate non-inflated estimates of event loses and a data storage. The processor is configured to receive computed values of likelihood of causes, receive computed values of likelihoods of...