Theory, Application, and Implementation of Monte Carlo Method in Science and Technology
The Monte Carlo method is a numerical technique to model the probability of all possible outcomes in a process that cannot easily be predicted due to the interference of random variables. It is a technique used to understand the impact of risk, uncertainty, and ambiguity in forecasting models. Howev...
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| Format: | eBook |
| Language: | English |
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IntechOpen
2019
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| Collection: | Directory of Open Access Books - Collection details see MPG.ReNa |
| Summary: | The Monte Carlo method is a numerical technique to model the probability of all possible outcomes in a process that cannot easily be predicted due to the interference of random variables. It is a technique used to understand the impact of risk, uncertainty, and ambiguity in forecasting models. However, this technique is complicated by the amount of computer time required to achieve sufficient precision in the simulations and evaluate their accuracy. This book discusses the general principles of the Monte Carlo method with an emphasis on techniques to decrease simulation time and increase accuracy. |
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| Item Description: | Creative Commons (cc), https://creativecommons.org/licenses/by/3.0/ |
| Physical Description: | 1 electronic resource (188 p.) |
| ISBN: | 9781839681523 intechopen.78141 9781789855456 9781789855463 |