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

Alexander Wachholz () and Richard Malzew ()
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Alexander Wachholz: Bonn-Rhein-Sieg University of Applied Sciences, Department of Management Sciences
Richard Malzew: Bonn-Rhein-Sieg University of Applied Sciences, Department of Management Sciences

A chapter in Operations Research and Management, 2026, 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 cost-effectiveness, 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: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-032-08078-3_8

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DOI: 10.1007/978-3-032-08078-3_8

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