What is Monte Carlo simulation?

Quick summary

Full explanation

Monte Carlo simulation is a method for modelling uncertainty by running many random trials to estimate possible outcomes, risks, probabilities, or forecasts. The best academic answer depends on the assignment level, discipline, rubric, evidence requirements, and the instructor expectations. A strong response starts with the purpose of the task before focusing on length, formatting, or surface rules.

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Step-by-step guidance

1. Define the uncertain variables.
2. Choose probability assumptions.
3. Run many iterations.
4. Interpret the distribution of outcomes rather than a single estimate.

Practical example

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