Monte Carlo Simulation

The Monte Carlo simulation is a statistical method that predicts possible outcomes of complex systems or processes through numerous random simulations. It is used to quantify uncertainties, assess risks, and make informed decisions, particularly in areas such as finance, engineering, and science, where deterministic calculations are difficult.

Inputs

Number of Simulations:*

Mean Material Costs:*

Standard Deviation of Material Costs:*

Minimum Personnel Costs:*

Maximum Personnel Costs:*

Minimum Other Costs:*

Maximum Other Costs:*

Monte Carlo Simulation

Inputs

Simulation Results

Conclusion

Chart