Risk Analysis and Monte Carlo Simulations using only LLMs

Critical decision-making requires properly quantifying and aggregating the uncertainties that influence outcomes. Traditionally, this activity demanded time, coding skills, and specialized tools.

Today, while powerful applications exist, they can be costly and still require expert knowledge to operate effectively. If you are beginning your journey in risk quantification,

Large Language Models (LLMs) offer a surprisingly accessible entry point. In this workshop, we will explore how to use LLMs to conduct data analytics, data modeling and Monte Carlo simulations - focusing on good practices for building context and framing problems correctly. We will also examine the limitations of this approach, comparing results from LLM-based simulations against those generated with specialized simulation software.