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Monte Carlo Simulation

Home » Glossaries » Monte Carlo Simulation

Monte Carlo Simulation

Monte Carlo Simulation:

Monte Carlo simulation is simulation of a random phenomena using pseudo-random numbers . This type of simulation is widely used in practical statistics, e.g. in resampling , in queuing theory .

The goal of Monte Carlo simulation is not necessarily simulation of stochastic phenomenon. Monte Carlo simulation is often used for approximate numerical computation - when application of strict methods requires too much calculation.

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Bootstrap Methods
This course will teach you the basic theory and application of the bootstrap family of procedures with the emphasis on applications.
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