Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Book Chapter Book Chapter Faculty Publications- Book Chapter Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Computational Aspects of Business Management with Special Reference to Monte Carlo Simulation Subject The topic of the resource Applications; Business management; Monte Carlo technique; Simulation Description An account of the resource Business management is concerned with organizing and efficiently utilizing resources of a business, including people, in order to achieve required goals. One of the main aspects in this process is planning, which involves deciding operations of the future and consequently generating plans for action. Computational models, both theoretical and empirical, help in understanding and providing a framework for such a scenario. Statistics and probability can play an important role in empirical research as quantitative data is amenable for analysis. In business management, analysis of risk is crucial as there is uncertainty, vagueness, irregularity, and inconsistency. An alternative and improved approach to deterministic models is stochastic models like Monte Carlo simulations. There has been a considerable increase in application of this technique to business problems as it provides a stochastic approach and simulation process. In stochastic approach, we use random sampling to solve a problem statistically and in simulation, there is a representation of a problem using probability and random numbers. Monte Carlo simulation is used by professionals in fields like finance, portfolio management, project management, project appraisal, manufacturing, insurance and so on. It equips the decision-maker by providing a wide range of likely outcomes and their respective probabilities. This technique can be used to model projects which entail substantial amounts of funds and have financial implications in the future. The proposed chapter will deal with concepts of Monte Carlo simulation as applied to Business Management scenario. A few specific case studies will demonstrate its application and interpretation. 2021, The Author(s), under exclusive license to Springer Nature Switzerland AG. Creator An entity primarily responsible for making the resource Prasad S. Source A related resource from which the described resource is derived Modeling and Optimization in Science and Technologies, Vol-18, pp. 629-645. Publisher An entity responsible for making the resource available Springer Science and Business Media Deutschland GmbH Date A point or period of time associated with an event in the lifecycle of the resource 2021-01-01 Identifier An unambiguous reference to the resource within a given context <a href="https://doi.org/10.1007/978-3-030-72929-5_30" target="_blank" rel="noreferrer noopener">https://doi.org/10.1007/978-3-030-72929-5_30</a> <br /><br /><a href="https://www.scopus.com/inward/record.uri?eid=2-s2.0-85107200859&amp;doi=10.1007%2F978-3-030-72929-5_30&amp;partnerID=40&amp;md5=4f1c5c6e9feb56a12626dbd40b5f9eeb" target="_blank" rel="noreferrer noopener">https://www.scopus.com/inward/record.uri?eid=2-s2.0-85107200859&amp;doi=10.1007%2f978-3-030-72929-5_30&amp;partnerID=40&amp;md5=4f1c5c6e9feb56a12626dbd40b5f9eeb</a> Rights Information about rights held in and over the resource Restricted Access Relation A related resource ISSN: 21967326 Format The file format, physical medium, or dimensions of the resource Online Language A language of the resource English Type The nature or genre of the resource Book chapter Coverage The spatial or temporal topic of the resource, the spatial applicability of the resource, or the jurisdiction under which the resource is relevant Prasad S., Former Associate Professor, Department of Statistics, CHRIST (Deemed to be University), Bangalore, India