A method for calculating the probabilities of outcomes by simulation, running a model many times, using a computer . A Monte Carlo model is an example of a “stochastic” model.
(Wideman Comparative Glossary of Common Project Management Terms v2.1)

Other Definitions

Monte Carlo Simulation– The technique used by project management applications to estimate the likely range of outcomes from a complex random process by simulating the process a large number of times. (Wideman Comparative Glossary of Common Project Management Terms v2.1)

J. Jerrald Hayes
I am ex-architectural woodworker and general contractor turned IT, Business and Project Management consultant, software developer wannabe senior division triathlete and ski racer, Yankee fan and founder of Paradigm-360.com, 360 Difference Mac4Construction.com,iOS4Construction.com and now TheBuildingAndRemodelingWiki.com too.
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