Ravi,
I'm like Dave: short on knowledge on this topic. I am only familiar with it through my exposure while studying for the CQE. Before then, I hadn't heard of it. Since, I have heard it raised a few times, mostly in relation to scientific applications, the most memorable being a Nova program where the Monte Carlo Simulation was used to determine if the surface features came from the inside out or whether they came from the outside in (the study determined that the pattern of features best fit the Monte Carlo Simulation in relationship to meteor showers).
However, if you have written a paper on it, I would be interested in reading it (as would Dave). Mostly, organizations never get to doing basic statistics so getting to advance statistics is a pipe dream. There is plenty of power in these tools, just a limited exposure to them by business rendering them mostly impotent.
Your comment on relaxing critical tolerances without compromising Quality has really gotten my attention (recent, current need). We should continue this dialogue and allow you to expose/teach us a little more about this technique.
Regards,
Kevin