Monte Carlo simulations, named for the city in Monaco, were developed during the 1940s with the Manhattan Project. But today’s simulation software can be used for a range of industries and applications to help people make decisions about their products and processes.
According to Palisade Corp., Monte Carlo simulations can be used in applications ranging from retirement planning to military war games to Six Sigma and quality analysis to endangered species preservation. It can be used in fields such as finance, manufacturing, engineering, R&D, and a host of others. Basically, it can be used anytime someone wants to consider the options available before making a decision.