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Find an example online of an actual application of a Monte Carlo simulation model. This could be for finance, marketing, sports, etc. There are many,
Find an example online of an actual application of a Monte Carlo simulation model. This could be for finance, marketing, sports, etc. There are many, many different examples online; try to find one that is in an area that interests you. For the example that you find, provide the following information:
- A web link to the paper, article or website that discusses the example you are referencing.
- Explain the inputs for the model. What sources of uncertainty are captured in the model?
- Does the model assume distributions to describe the uncertain inputs? Or does it measure the uncertainty based on empirical data?
- Describe the goal of the Monte Carlo simulation model. What are the outputs of the model? What decision(s) is/are the model intended to support?
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