Simulation Processes in Business and Economics: Fundamentals of the Monte Carlo Simulation

Alexander Wachholz and Richard Malzew
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Alexander Wachholz: University Bonn-Rhein-Sieg
Richard Malzew: University Bonn-Rhein-Sieg

A chapter in Operations Research and Management, 2024, pp 157-165 from Springer

Abstract: Abstract Simulations, especially Monte Carlo simulations, are a common tool in operations research. They enable the study of complex scenarios, evaluation of costeffectiveness, risk mitigation, and efficient testing of improbable situations. Monte Carlo simulations facilitate decision-making by creating realistic experimental models for various operations research purposes.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-031-47206-0_8

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DOI: 10.1007/978-3-031-47206-0_8

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