1. A method to provide multiple probability distributions for an input simulation variable or an input simulation event based on at least one pre-defined, mutually exclusive condition being used by the input variable or the input simulation event, wherein the input variable or the input simulation event are associated with a design of a probabilistic setup, the method comprising: receiving at least one pre-defined condition associated with the input variable or the input simulation event; determining if the at least one pre-defined condition is a mutually exclusive condition entered by a user; determining if a plurality of distributions associated with the at least one pre-defined condition is to be assigned from a plurality of existing data based on the at least one pre-defined condition being mutually exclusive; selecting at least one required variable based on the determining that the plurality of distributions associated with the at least one pre-defined condition is to be assigned from the plurality of existing data; assigning the plurality of distributions using a plurality of required, default settings based on the selected at least one variable; populating a plurality of required fields, wherein the plurality of required fields include a plurality of names and a plurality of parameters associated with the plurality of assigned distributions; and prompting the user to edit or enter at least one required distribution name from the plurality of assigned distributions.