A technique used in Stochastic (i.e. Probabilistic) Analysis whereby the professional performs simulations that result in a range of outcomes due to the uncertain nature of the inputs.
This method involves repeatedly running simulations hundreds or thousands of times, recording the outcomes of each simulation, and then aggregating those outcomes to understand the mean (i.e. most probable outcome), standard deviation (i.e. range of outcomes), minimum value, and maximum value of all of the outcomes.