Monte Carlo

Definition

An analytical technique in which a large number of simulations are run using random quantities for uncertain variables and looking at the distribution of results to infer which values are most likely. The name comes from the city of Monte Carlo, which is known for its casinos.

Use Monte Carlo in a sentence

The monte carlo technique was really efficient and we knew it would give us exactly what we were looking for.

​ Was this Helpful? YES  NO 25 out of 25 people found this helpful.

You may want to try and use a monte carlo to figure out if there is anything that you need to change in your business.

​ Was this Helpful? YES  NO 25 out of 25 people found this helpful.

The scientists were having trouble getting results with their testing of a certain drug, so they decided to use the monte carlo approach using different scenarios with random amounts using mice.

​ Was this Helpful? YES  NO 25 out of 25 people found this helpful.

Show more usage examples...

Related Terms

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
monopsony simulation