Have you heard about the ...

Have you heard about the HEC-FDA software?

Hello Avinash,

I came across the HEC-FDA software, although I have never used it. It uses Monte Carlo simulations for flood damage assessment. The model was developed to integrate RAS WSPs (WSP - waster surface profiles) with structure inventory data to produce stage-damage functions; basically to assign damage amounts to flood insurance studies. 

This is the description given about the probabilistic methods employed in the model on its website :

The software, 1) stores hydrologic and economic data necessary for an analysis, 2) provides tools to visualize data and results, 3) computes expected annual damage (EAD) and equivalent annual damages, 4) computes annual exceedance probability (AEP) and conditional non-exceedance probability as required for levee certification, and, 5) implements the risk analysis procedures. 

Risk Analysis

Risk analysis explicitly incorporates a description of uncertainty in discharge-frequency, stage-discharge, and 
stage-damage relationships in the economic and performance analyses of alternative plans. The process uses Monte Carlo simulation, a statistical sampling-analysis method, to compute the expected value of damage and damage reduced, while explicitly accounting for the impact of uncertainty. Risk analysis thus provides an opportunity to make more informed decisions.

In addition to providing more information for the assessment of flood risk management projects, risk analysis also produces an important collateral benefit: it focuses attention on the important issue of uncertainty inherent in hydrologic and economic computations. Because uncertainty in these computations propagates from uncertainty in the underlying data, methods, and assumptions, attention is eventually refocused on these sources. This attention should eventually lead to improvements in data collection and analysis methods, as more accurate (i.e., less uncertain) data sets, methods, and assumptions are developed to reduce the uncertainty contributed from that particular source.

You can get more information at http://www.hec.usace.army.mil/software/hec-fda/features.aspx

Hope this helps.