Monte Carlo simulation is a statistical technique used to model and analyze complex systems by generating random samples. It helps estimate the probability of different outcomes in processes that involve uncertainty, such as financial forecasting, project management, and risk assessment. By running numerous simulations, it provides insights into potential results and their likelihood. This method relies on repeated random sampling to calculate results, often using computer algorithms. The name "Monte Carlo" comes from the famous casino in Monaco, reflecting the element of chance involved. It is widely used in various fields, including finance, engineering, and science, to support decision-making.