Please provide an example of a Monte Carlo simulation model (andexplain).
Your simulation example should be able to:
- Tackle a wide variety of problems using simulation
- Understand the seven steps of conducting a simulation
- Explain the advantages and disadvantages of simulation
- Develop random number intervals and use them to generateoutcomes
- Understand alternative computer simulation packagesavailable
- Explain the different type of simulations
- Explain the basic concept of simulation
