In general, there exist many ways to detect the fair value of financial derivatives. However, each of them is suitable for different purposes. For example, when the payoff function is not very simple or the underlying process is too complex, the approach of Monte Carlo simulation can be useful....

Business processes take place in an environment of complex systems that consist of many interrelated elements with stochastic and dynamic characteristics. Simulation and management methods were developed to cope with such complexity. Simulation and management methods are interdependent...