What is a monte carlo simulation used for

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Question 1: What is a Monte Carlo Simulation used for?

Question 2: In what fields is the Monte Carlo simulation used?

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

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

True or false?

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

True or false?

Question 6: Explain how a Monte carlo Simulation model can help you determine your optimal production capacity. Provide an example based on your business 250 words.

Reference no: EM132525741

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