Monte Carlo method

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Monte Carlo method

n.
A computer-simulation technique that uses random samples and other statistical methods to find approximate solutions to mathematical or physical problems.

[After Monte Carlo.]

Monte Carlo method

n
(Statistics) a heuristic mathematical technique for evaluation or estimation of intractable problems by probabilistic simulation and sampling
[C20: named after the casino at Monte Carlo, where systems for winning at roulette, etc, are often tried]
References in periodicals archive ?
They discuss the applicability of Monte Carlo simulation techniques to perform thousands of different scenarios based on the uncertainty of each variable to determine the probability of success and failure and the associated expected values of the projects.
Molecular simulation determines the properties of may systems integral to the oil and gas industry, and these authors are award- winning experts in Monte Carlo simulation techniques.
The latest version performs risk analysis on a spreadsheet using Monte Carlo simulation techniques.
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