Question: Explain how Monte Carlo simulation is used by enterprises in the real world. Provide a specific example from your own line of work, or a

  1. Explain how Monte Carlo simulation is used by enterprises in the real world. Provide a specific example from your own line of work, or a line of work that you find particularly interesting. Remember that any proper explanation of a Monte Carlo simulation would involve describing the probability distributions that have been utilized in that simulation.
  2. Identify that parts or aspects of Monte Carlo simulation processes that you have found to be particularly challenging. Describe why you believe that they are challenging and provide remedies to simplify those aspects.

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