𝐌𝐨𝐧𝐭𝐨 𝐂𝐚𝐫𝐥𝐨 𝐒𝐢𝐦𝐮𝐥𝐚𝐭𝐢𝐨𝐧:

Monte Carlo simulations are used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables. It is a technique used to understand the impact of risk and uncertainty in prediction and forecasting models.

Monte Carlo simulation can be used to tackle a range of problems in virtually every field such as finance, engineering, supply chain, and science.

Monte Carlo simulation is also referred to as multiple probability simulation.