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Monte Carlo method
(redirected from Monte Carlo simulations)

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Monte Carlo method

Statistical 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.

A 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 Monte Carlo, of course, is a historical reference to the famous casino in Monaco.
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? Mentioned in ? References in periodicals archive
 
Finite-element methods along with Monte Carlo simulations were used to design a magnetic storage device for ultracold neutrons (UCN) to measure their lifetime.
A superconducting magnet UCN trap for precise neutron lifetime ... by Zimmer, O. / Journal of Research of the National Institute of Standards and Technology
This is followed by a discussion of methodology and results from the Monte Carlo simulations of the combined effects.
Age-related differences in susceptibility to carcinogenesis. II. ... by Chu, Margaret / Environmental Health Perspectives
Monte Carlo simulations are widely used in pricing and risk management of complex financial instruments.
Value-at-risk systems and their application in integrated risk ... by Alade, Julius A. / Journal of Academy of Business and Economics
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