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What is Monte-Carlo simulation?

April 26, 2017simulation

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What is Monte-Carlo simulation?

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Monte-Carlo helps us to forecast future models depending on range of possible inputs. For instance to complete a project we might have different range of time minimum time, maximum time and estimated time. Monte-carlo simulation runs over these ranges of input values and gives us different possibilities the project can end up to. It can tell you depending on these ranges what are the possible outcomes.