What Is a Monte Carlo Simulation?

Business & Management
#1

Monte Carlo simulations are used to estimate the likelihood of various outcomes in a process that is difficult to anticipate owing to random variables’ influence. It’s a method for figuring out how risk and uncertainty affect prediction and forecasting models.
A Monte Carlo simulation may be used to solve issues in almost any sector, including finance, engineering, supply chain management, and science. A multiple probability simulation is another name for it.