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.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2024 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Wachholz, A., Malzew, R. (2024). Simulation Processes in Business and Economics: Fundamentals of the Monte Carlo Simulation. In: Peren, F.W., Neifer, T. (eds) Operations Research and Management. Springer Texts in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-031-47206-0_8
Download citation
DOI: https://doi.org/10.1007/978-3-031-47206-0_8
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-47205-3
Online ISBN: 978-3-031-47206-0
eBook Packages: Business and ManagementBusiness and Management (R0)