The benefits of Monte-Carlo simulation are as follows:
1) Outputs provide more information than
deterministic point estimate calculations,
2) Simulations frees user from the constraints of
estimates and best-guess values,
3) Random selection process is repeated many times
can imitate system behaviour in the field.
Disadvantages using Monte-Carlo simulation:
1) Require a greater level of mathematical and
computer sophistication than point estimate
calculations,
2) Checking the accuracy of Monte-Carlo simulations
is difficult.