In this report, we study the use of Multi-Level Monte Carlo (MLMC) methods for time dependent problems. It was found that the usability of MLMC methods depends strongly on whether or not the underlying time dependent problem is chaotic in nature. Numerical experiments are conducted on both simple problems, as well as fluid flow problems of practical interest to the ExaQUte project, to demonstrate this. For the non-chaotic cases, the hypotheses that enable the use of MLMC methods were found to be satisfied. For the chaotic cases, especially the case of high Reynolds’ number fluid flow, the hypotheses were not satisfied. However, it was found that correlations between the different levels were high enough to merit the use of multi-fidelity or control-variate approaches. It was also noted that MLMC methods could work for chaotic problems if the time window of analysis were chosen to be small enough. Future studies are proposed to examine this possibility.