Difference between revisions of "Monte Carlo Method"
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| − | ''' | + | The '''Monte Carlo analysis''' is a quantitative risk management technique. The Monte Carlo analysis was developed by nuclear scientist Stanislaw Ulam in 1940 as work progressed on the atom bomb. The analysis first considers the impact of certain risks on project management such as time or budgetary constraints. Then, a computerized mathematical output gives businesses a range of possible outcomes and their probability of occurrence.<ref>Definition - What is the Monte Carlos Analysis Method? [https://fourweekmba.com/catwoe-analysis/ Four Week MBA]</ref> |
Revision as of 20:30, 15 February 2022
The Monte Carlo analysis is a quantitative risk management technique. The Monte Carlo analysis was developed by nuclear scientist Stanislaw Ulam in 1940 as work progressed on the atom bomb. The analysis first considers the impact of certain risks on project management such as time or budgetary constraints. Then, a computerized mathematical output gives businesses a range of possible outcomes and their probability of occurrence.[1]
- ↑ Definition - What is the Monte Carlos Analysis Method? Four Week MBA