Write in brief about the Monte Carlo Simulation Procedure. (150-200 words) Note: Please notice that the question is to summarise the steps of Monte Carlo Simulation. I would appreciate it if the question is answered correctly this time. Please go through the below steps for your reference and provide the answer in details.

Monte Carlo Simulation Procedure:

Step 1: Define the problem:

Step 2: Construct an appropriate model:

Step 3: Prepare the model for experimentation:

Step 4: Using steps 1 to 3, experiment with the model:

Step 5: Summarise and examine the results obtained in step 4.

Step 6: Evaluate the results of the simulation.

Step 7: Formulate proposals for advice to management on the course of action to be adopted and modify the model, if necessary.