👉 Go to How to replace estimations and guesses with a Monte Carlo simulation
I think it would be so interesting to bring Monte Carlo simulations to business. Most businesses use fairly straightforward projections and only create a small, finite set of models. Monte Carlo simulations would do a much better job of identifying best and worst cases, and giving you probability of different outcomes. Alas, it’s all a bit too hard to generate, and the bigger issue is it is harder to read and interpret. This article is a good explainer on writing Monte Carlo simulations in code.
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