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Considering the Monte Carlo analysis as possibilities for looking at optimization and also the probabilities, please explain how the Monte Carlo model works.

BIAM300 Managerial Applications of Business Analytics

Week 8 Discussion

Monte Carlo Analysis

Considering the Monte Carlo analysis as possibilities for looking at optimization and also the probabilities, please explain how the Monte Carlo model works. Also discuss the following analysis options by explaining the pros and cons for each.

What-If Analysis

Optimization

Forecasting

Building simulations

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