Discuss the difference between the Monte Carlo simulation and Crystal Ball. Under what conditions...

Question

Discuss the difference between the Monte Carlo simulation and Crystal Ball. Under what conditions would you choose one over the other? Give an example to when each would be used.

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Discussion:
Discuss the difference between the Monte Carlo simulation and Crystal Ball. Under what conditions would you choose one over the other? Give an example to when each would be used.
Solution:
Monte Carlo simulation:
Monte Carlo simulation is employed in almost all examples where the outcomes probabilities are difficult to predict due to the presence of random variables.  There is extensive presence of risk and uncertainties due to random probabilities this technique can be employed. For examples there are different examples in science, engineering, supply chain and science, where there will be need to consider the possible random variables and predictions for numerous applications.

Discuss the difference between the Monte Carlo simulation and Crystal Ball. Under what conditions would you choose one over the other? Give an example to when each would be used.

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