Monte Carlo Simulations are a statistical technique used to model and analyze complex systems by generating random samples. This method relies on repeated random sampling to obtain numerical results, allowing researchers to estimate probabilities and outcomes in uncertain situations. It is widely used in fields like finance, engineering, and science to assess risks and make informed decisions. The name "Monte Carlo" comes from the famous casino in Monaco, reflecting the element of chance involved in the simulations. By simulating a large number of scenarios, analysts can better understand potential variations and the likelihood of different outcomes, ultimately aiding in strategic planning.