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Can you please discuss the industries that use Monte Carlo analysis, and explain in about a paragraph why and when Monte Carlo analysis is applicable
Can you please discuss the industries that use Monte Carlo analysis, and explain in about a paragraph why and when Monte Carlo analysis is applicable (and when not). Then highlight one industry and describe in a paragraph a simple situation in that industry in which Monte Carlo analysis could be applicable. Construct a model that captures that situation and run a Monte Carlo simulation on it (using Crystal Ball). Can you please then explain how the simulation results would be used?
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