Monte-Carlo-Simulation

Monte Carlo Simulation is a statistical technique used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables. By running a large number of simulations with varying input parameters, it allows engineers and designers to assess risks, optimize designs, and make informed decisions based on the likelihood of various scenarios. This method is particularly valuable in product design and innovation, as it provides insights into potential performance and reliability under uncertain conditions.