Monte Carlo simulation definition

mon-tee kahr-loh sim-yuh-ley-shuh n

Definition of Monte Carlo simulation : noun

  1. A probability simulation technique used to understand the impact of risk and uncertainty in complex problems. The technique builds models of possible results by running a large number of trials using randomly selected values from a probabilistic range.
    The Monte Carlo method is used in almost every quantitative subject of study: physical sciences, engineering, statistics, finance, and computing, including machine learning and graphics.
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