Explain the concept of risk analysis and how Monte Carlo simulation can provide

Question

Explain the concept of risk analysis and how Monte Carlo simulation can provide useful information for making decisions.

A. Risk analysis is about going out o business. Monte Carlo simulation is a place in Europe

B. Risk analysis is about taking risks in life by using Monte Carlo method

C. Risk analysis is a study of uncertainties in business to estimate the impact. Monte Carlo simulation methods rely on random sampling where samples are "plugged into" a mathematical model and used to calculate outcomes of interest.

Explanation / Answer

Concept of Risk Analysis and Monte Carlo Simulation:

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