Not sure if you have seen saket's video on EMV.. I think its very good. Find below the link in case you don't have it handy. Its really easy to follow and hopefully will help you in understanding the concept:
- Monte Carlo simulation :
Monte Carlo is a simulation technique. Monte Carlo simulation is a computerized mathematical technique that allows people to account for risk in quantitative analysis and decision making. Please find the URL that explains it : http://www.palisade.com/risk/monte_carlo_simulation.asp
I hope Manish/ Saket will help you in understanding the concept. But thought of sharing the above links in the mean time.
Hope that helps.
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