ABSTRACT
This chapter explores simulation strategies as a potent alternative for data analysis that can be used across multiple domains. We delve into the diverse applications of simulations in various domains, highlighting their effectiveness in generating insights, making predictions, and informing decision-making processes. Through a comprehensive review of simulation methodologies, we shed light on data sources, data formats, data processing, and their versatility and adaptability, showcasing their potential to address complex data-related challenges. Furthermore, we discuss the problem statement and provide the solution using the Monte Carlo simulation approach with the ability to handle non-AI-ready datasets, minimize bias, and facilitate scenario testing. This research serves as a valuable resource for practitioners seeking innovative and AI-independent approaches to analyzing data in today's data-driven landscape.
