Monte Carlo simulations are used extensively to study the performance of statistical tests and control charts. Researchers have used various numbers of replications, but rarely provide justification for their choice. Currently, no empirically-based recommendations regarding the required number of replications exist. Twenty-two studies were re-analyzed to determine empirically-based recommendations.
Mundform, Daniel J.; Schaffer, Jay; Kim, Myoung-Jin; Shaw, Dale; Thongteeraparp, Ampai; and Supawan, Pornsin
"Number of Replications Required in Monte Carlo Simulation Studies: A Synthesis of Four Studies,"
Journal of Modern Applied Statistical Methods:
1, Article 4.
Available at: http://digitalcommons.wayne.edu/jmasm/vol10/iss1/4