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Will adding RAM help "No more memory available" error?

I have a rather large program the imports data from excel (approximately
600x200) and runs a monte carlo simulation on that data. For large numbers
of iterations, roughly about 5000, Mathematica runs out of memory and
returns the following error:

No more memory available.
Mathematica kernel has shut down.
Try quitting other applications and then retry.

My question doesn't relate specifically to my code, which is why I am not
including any details of it. Generally speaking, will adding RAM to the
system help prevent this error? Are there any other general methods for
decreasing the likelihood of this error that aren't code-specific?

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