*Edited by Pooneh Saidi Bidokhti*

The Monte Carlo method is a numerical technique to model the probability of all possible outcomes in a process that cannot easily be predicted due to the interference of random variables. It is a technique used to understand the impact of risk, uncertainty, and ambiguity in forecasting models. However, this technique is complicated by the amount of computer time required to achieve sufficient precision in the simulations and evaluate their accuracy. This book discusses the general principles of the Monte Carlo method with an emphasis on techniques to decrease simulation time and increase accuracy.

Published in London, UK © 2019 IntechOpen © agsandrew / iStock

Theory, Application, and Implementation of Monte Carlo Method in Science and Technology

Theory, Application, and

Implementation of Monte

Carlo Method in Science and

Technology

*Edited by Pooneh Saidi Bidokhti*