Monte Carlo simulations is a mathematical tool often used in engineering and business to solve complex problems involving uncertainties or risks.

a. Explain the technological foundation of this tool?

b. How can it be applied? Discuss the inputs to and outputs from Monte Carlo simulation applications.

c. What specific benefits may be derived from applying this tool, in comparison with those that can be readily obtained from employing a deterministic model in cost estimation, such as using an Excel spreadsheet program?