Traditional slope stability analysis is limited to the use of single valued parameters to analyze a slope’s characteristics. Consequently, traditional analysis methods yield single valued estimates for factor of safety of a slope’s stability. However, the inherent variability of the soil characteristics which affect slope stability indicates that the stability of a slope is a probabilistic rather than a deterministic situation. In other words, the stability of a slope is a random process which is dependent on the relative distribution of controlling soil parameters. For a natural slope, the stability deciding parameters vary considerably throughout the extent of slope. In this paper, the variability of soil properties and their effect on stability of a natural slope has been studied incorporating the probabilistic analysis using Monte Carlo simulation and deterministic analysis using Geo-Studio and PLAXIS. The factors of safety have been determined using the two approaches and effect of dynamic loading input on slope stability has been studied.