• A statistically based behavioural approach that applies predetermined probability distributions and random numbers to predict the range and likelihood of risky outcomes.

• Are the results or the processes of generating data and outcomes for different paths and scenarios. It provides a statistical framework for what-if conditions. The art of the simulation is trying to construct an elegant, representative model. This model should properly weigh, in a probabilistic sense, the expected behavior of the time series.

• The use of a mathematical model to imitate a situation many times in order to estimate the likelihood of various possible outcomes.

 Embedded terms in definition
Probability distribution
 Related Terms
 Monte carlo simulation

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