What is meant by Monte Carlo Analysis?

The Monte Carlo analysis, is a means of statistical evaluation of mathematical function s using random samples. This requires a good source of random numbers. Example, if you were to flip a coin100 times, you’d expect to end up with about50 heads and50 tails... this is common sense and very simple probability.

More details here.

Analysis technique to calculate project cost & project schedules/ probable project completion dates

mastering this would pay you in casinos as well :)