An Analysis of the Applications of Monte Carlo Simulation In Various Disciplines |

ABSTRACT:

Monte Carlo Simulation is a helpfultechnology for analyzing and modeling real world situations an systems. Severalquantitative issues in engineering, economics and science are solved throughstatistical sampling on computer nowadays. Such methods of Monte Carlo can beused in 3 various manners: 1) to calculate numerical quantities by repeatedsampling; 2) to produce random processes and objects to examine their behavior;and 3) to resolve complex issues of optimization through randomized algorithms.The notion of using computers to perform statistical sampling dates back tostarting of e-computing. John Von Neumann and Stanislav Ulam pioneered thisprocess with the target to study the applications of Monte Carlo Simulation.This research explores an overview of Monte Carlo simulation and about theapplications of Monte Carlo Simulation.