Difference betwwen Latin hypercube & Monte Carlo

’Latin hypercube sampling (LHS) is a form of stratified sampling that can be applied to multiple variables. The method commonly used to reduce the number or runs necessary for a Monte Carlo simulation to achieve a reasonably accurate random distribution. LHS can be incorporated into an existing Monte Carlo model fairly easily, and work with variables following any analytical probability distribution.’

Latin Hypercube Sampling

Here’s an interesting read on the subject as well:

Modeling the Future: The Full Monte, the Latin Hypercube and Other Curiosities

Stacy
Project Management Knowledge Base