The engineering profession has accepted the risk-based design in the form of Load and Resistance Factors Design (LRFD) concept. However, a large number of practicing engineers do not use it in everyday design. Lack of education may be a reason for this avoidance. Another major complaint is that the current LRFD-based codified approach cannot estimate the reliability of real structures. Simulation could be an attractive alternative considering the recent significant improvement in computational power. However, the question remains whether the simulation-based design concept is mature enough to be considered as an alternative to the currently available codified approach. An international community of scholars, scientists, practicing engineers, and students met in a colloquium in the summer of 2002 in Prague, Czech Republic, to evaluate the role of simulation in engineering design. Their comments, observations, and recommendations are summarized here to help generate more interest on the subject.