June 2006
Beginner
793 pages
20h 59m
English
Content preview from Quantitative Techniques: Theory and Problems
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MONTE CARLO SIMULATION
The Monte Carlo method is the earliest method of simulation. It employs random numbers and is used to solve problems that depend upon probability, where physical experimentation is impractable and the creation of a mathematical formula impossible. It is a method of simulation by the sampling technique. That is, first of all, the probability distribution of the variable under consideration is determined; then a set of random numbers is used to generate a set of values that have the same distributional characteristics as the actual experience it is designed to simulate. The steps involved in carrying out Monte Carlo Simulation are:
| Step 1→ | Select the measure of effectiveness of the problem, that is, what element is used ... |
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