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Monte-Carlo Simulations :- From Reference [1],
Monte Carlo simulation is a technique used to understand the impact of risk and uncertainty in financial, project management, cost, and other forecasting models. A Monte Carlo simulator helps one visualize most or all of the potential outcomes to have a better idea regarding the risk of a decision
Example : Reference [3]
Brownian Motion: This concept is adopted from the Brownian motion (Chemistry), as this part is more descriptive so, it can be well studied in the next post named : an introduction to stochastic-processes
This is widely used for the [4], simulations of various real cases like "Mathematical Modelling"
Reference:
[1] https://towardsdatascience.com/the-house-always-wins-monte-carlo-simulation-eb82787da2a3?gi=f87b5dd55add
[2]. https://www.palisade.com/risk/monte_carlo_simulation.asp
[3]. http://math.info/Misc/House_Edge/
[4]. https://en.wikipedia.org/wiki/Brownian_motion
Monte Carlo simulation is a technique used to understand the impact of risk and uncertainty in financial, project management, cost, and other forecasting models. A Monte Carlo simulator helps one visualize most or all of the potential outcomes to have a better idea regarding the risk of a decision
Example : Reference [3]
Brownian Motion: This concept is adopted from the Brownian motion (Chemistry), as this part is more descriptive so, it can be well studied in the next post named : an introduction to stochastic-processes
This is widely used for the [4], simulations of various real cases like "Mathematical Modelling"
Reference:
[1] https://towardsdatascience.com/the-house-always-wins-monte-carlo-simulation-eb82787da2a3?gi=f87b5dd55add
[2]. https://www.palisade.com/risk/monte_carlo_simulation.asp
[3]. http://math.info/Misc/House_Edge/
[4]. https://en.wikipedia.org/wiki/Brownian_motion
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