Question

mathematicians!
what is monte carlo simulation?

Answer 1

Monte Carlo basically turns deterministic into probabilistic via the use of random numbers.

Answer 2

so is this method reliable in business forecasting,say introducing new product to the market?

Answer 3

This is not math question specifically but I would have said traditional methods are better (market research).

Your questions are far too general for this forum, I suggest u read up on the subject here, for example

http://en.wikipedia.org/wiki/Monte_Carlo_method

If u would like to discuss, say Monte Carlo integration or other mathematical use, we can do that.

Answer 4

Here is a place for u to examine your new product scenario

http://www.vertex42.com/ExcelArticles/mc/SalesForecast.html