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Better decision making under uncertain conditions using Monte Carlo simulation

Better decision making under uncertain conditions using Monte Carlo simulation

Monte Carlo simulation helps address the challenges encountered when dealing with the uncertainty that is inherent in predictive and forecasting models and that naturally accompanies risk assessment. In particular, the automation capabilities offered by IBM SPSS Statistics help make Monte Carlo simulation a part of risk analysis. Featuring predictive modeling and the ability to save simulation plans, the SPSS Statistics simulation module thus combines risk analysis and Monte Carlo simulations in a single software solution.