Question
Your CEO went to a seminar last week and heard that the data analytics for forecasting for the future should utilize a Monte Carlo Analysis
Your CEO went to a seminar last week and heard that the data analytics for forecasting for the future should utilize a Monte Carlo Analysis option. As a result, he/she is asking you to submit a paragraph or two to summarize how your division can utilize the Monte Carlo method. First, you will explain how the Monte Carlo model works and the various tools that can be utilized by your department (What-If Analysis, Optimization, Forecasting, and Building Simulations). You will include the benefits and disadvantages of using each of these tools. Finally, you will recommend one of these tools to be utilized by your department and explain why you will choose the tool.
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