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Monte Carlo Simulation is a quantitative technique used in Operations Research to analyze complex systems involving uncertainty and randomness. It uses repeated random sampling and probability distributions to estimate possible outcomes of a decision problem. Unlike mathematical optimization techniques, which seek the best possible solution under defined conditions, Monte Carlo Simulation focuses on evaluating the behaviour of a system under uncertain conditions and measuring the likelihood of different outcomes. Monte Carlo Simulation is preferred over mathematical optimization techniques in situations where the system is highly complex and cannot be ___ ____ ________ ________ _________ __________.
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