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Quantitative risk Essay Topics & Paper Examples

Quantitative risk assessment

Monte-Carlo simulation is carried out using a large number of computations, using a computer, with random inputs. This method is particularly useful when it comes to “predicting” the outcome a complex eventuality. Typically, the Monte-Carlo simulation is useful when predicting the outcome of a large number inter-related factors that are “uncertain”. Predictivity using Monte-Carlo simulation is far more accurate where variables under consideration are many, uncertain and random. For this particular reason, using Monte-Carlo simulation for this study is the best choice as there are many uncertain factors that need to be analyzed for computing a risk assessment. In this study, the first step begins with the production of meat and ends with health effects that meat can probably induce…