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Monte Carlo Simulation

Monte Carlo Simulation (MCS)


Monte Carlo Simulation (MCS) — one important technique that has emerged as crucial to effective risk modeling. MCS is a quantitative technique that examines a wide range of possible outcomes by calculating many different scenarios automatically. It was first developed in World War II by scientists developing the atomic bomb. Since its inception, MCS has been utilized across a variety of industries, such as finance, insurance, health care, oil and gas, renewable energy, pharmaceuticals, and manufacturing.

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