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What is Monte Carlo Simulation? How does it work?

In a straightforward language, Monte Carlo is the easiest way to understand how the inputs into a system may affect the outputs. Monte Carlo simulation is a computerized mathematical technique that allows people to calculate risk in decision making and quantitative analysis. The method is widely used by the professionals in fields like project management, manufacturing, engineering, research, and development, etc. Monte Carlo enables the decision-maker with a range of possible outputs and the probabilities that will occur for any choice of action. The technique was first used by scientists working on the atom bomb and thus named as Monte Carlo, the Monaco resort town famous for its casinos. The simulation has also been used to model diversified physical and conceptual systems.

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