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What is Monte Carlo Simulation in Risk Analysis about?

This document discusses Monte Carlo simulation and risk analysis. It explains that Monte Carlo simulation incorporates randomness into models by specifying probability distributions for uncertain inputs. This allows the model to evaluate risks associated with undesirable outcomes and find optimal decisions under uncertainty. The document provides an example of how to conduct a simple Monte Carlo simulation using a data table in Excel to randomly generate values for an uncertain input, like demand, and obser

Author

Ajey Mendiola

Language

EN