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Monte carlo simulation

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Reference no: EM132894601

1. What is a Monte Carlo Simulation used for?

2. In what fields is the Monte Carlo simulation used?

3. Who or what/why is the Monte Carlo simulation named after?

4. The Monte Carlo Simulation is also referred to as multiple probability simulation.

True or false?

5. The Monte Carlo Simulation is technique used to understand the impact of the risk and uncertainty in prediction and forecasting.

True or false?

6. Explain how a Monte carlo Simulation model can help you determine your optimal production capacity. Provide an example based on your business.

Reference no: EM132894601

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