The term project can be any meaningful Monte Carlo study. You can choose something from your field of study, possibly something that you intend to do further research on for a thesis.
You may also choose to replicate some Monte Carlo study that has appeared in the scientific literature. In this case, you would not need to consider all of the scenarios in the published study, but you should replicate some part of the study, and you should extend the study by considering some scenarios nor in the original study. (This is always easy to do!)
Conduct study, write report.
Project will be graded on