mon-tee kahr-loh sim-yuh-ley-shuh n
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.
Example sentence: "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. "
"Monte Carlo simulation
" on the Word Notes