By: Michelle Chen, Cameron Farrar, Laura O’Sullivan, and Cat Bassett
Everything we do in life has a chance. That chance may come from picking the right card, picking a certain marble out of a bag or maybe deciding to give the first person who walks through a random door $100. Essentially,each chance has a certain trade-off of benefits. Often times we think about the chances as something will happen over the chance of something else taking place as we weigh possible outcomes. This is called risk analysis. One of the ways we can determine risk is we can use Monte Carlo simulations to replicate real life situations a large number of times in order to observe the long-term patterns without having the complications (cost, labor, materials, etc.) of manual repetition.