This is an introduction section of a term paper that discuss monte Carlo simulation tool. The introduction section shall be divided into the following sections:
• (0.5 page) Introductory paragraph that gives the reader an idea about the whole term paper (you may need to write this after reading the overall requirements below which will give indication about content)
• (0.75 page)1.1: Overview of Monte Carlo simulation: Brief overview of monte Carlo simulation with brief definition.
• (0.5 page)1.2: Benefits of Monte Carlo simulation: what are the benefits of it
• (0.5 page)1.3: its application: in the literature review section I am quoting many papers used monte Carlo as:
o Risk Assessment Tool
o sensitivity analysis tool
o Project Planning Tool
o forecast assistant tool
No need to quote referencing here or do any literature review, only 2 paragraphs briefly describe that it can be applied in these applications and refer to more details in literature review section
• (0.75 page)1.4 Report organization (I am expecting a paragraph describing each section content
o Section 2: will discuss literature review of monte Carlo it is divided into the following subsections:
History of Monte Carlo Simulation
Definition of Monte Carlo simulation
Monte Carlo as a Risk Assessment Tool
Monte Carlo simulation as a sensitivity analysis tool
Monte Carlo as a Project Planning Tool
Monte Carlo simulation as a forecast assistant tool
New Research Directions
o Section 3: Methodology section it will discuss:
Solving Monte Carlo analytically for discrete problems
Solving Monte Carlo analytically for continuous problems
Solving Monte Carlo simulation using MS excel
Installing Crystal ball add ins to MS Excel and solving Monte Carlo using it
o Section 4: it will discuss an application of Monte Carlo simulation on a case study as a sensitivity tool. The case study is about calculating the social life cycle impact of an electricity transmission substation.
o Section 5: Conclusion and recommendations
