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Monte Carlo method |
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Monte Carlo methodStatistical method of approximating the solution of complex physical or mathematical systems. The method was adopted and improved by John von Neumann and Stanislaw Ulam for simulations of the atomic bomb during the Manhattan Project. Because the method is based on random chance, it was named after a gambling resort. Monte Carlo methodA technique that provides approximate solutions to problems expressed mathematically. Using random numbers and trial and error, it repeatedly calculates the equations to arrive at a solution. Many of the Monte Carlo methods and practices used to be referred to as rather generic "statistical sampling." Monte Carlo, of course, is a historical reference to the famous casino in Monaco. Monte Carlo method [′män·tē ′kär·lō ‚meth·əd] (statistics) A technique which obtains a probabilistic approximation to the solution of a problem by using statistical sampling techniques. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Currently designers have no tools with which to assess the impact of statistical variations; instead, they employ such techniques as Monte Carlo analysis, which provides only the most basic of statistical analysis capabilities and provides no insights into yield-limiting circuit properties, and the interminable tradeoffs required between circuit yield and performance. One version uses Monte Carlo analysis to test financial plans under randomized mortality and investment experience, as well as with randomized medical expense costs, long-term care requirements, and high inflation scenarios. BOSTON -- FundQuest, a leading provider of wealth management solutions for financial institutions, has announced the addition of an enhanced personalized Monte Carlo analysis to its client-profiling tool. |
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