Monte Carlo Simulation is a technique that can be used to model the probability of different outcomes without actual data collection. It helps in understanding the risk associated with the different outcomes and aids in decision making in the fields of finance, supply chain, project management, engineering etc.
An application-oriented question on the topic along with responses can be seen below. The best answer was provided by Ram Rajagopalan and Shashikant Adlakha.
Applause for all the respondents - Satyajit Das, Pradeepan Sekar, Selva Mariappan Subramanian, Ram Rajagopalan, Alpesh Gorasia, Shashikant Adlakha, V P Singh, Ram Kumar Chaudhary
Also review the answer provided by Mr Venugopal R, Benchmark Six Sigma's in-house expert.