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Could someone explain monte carlo estimation in words? (For statistical computing). And how it differs from...

Could someone explain monte carlo estimation in words? (For statistical computing). And how it differs from importance sampling

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Answer #1

Monte Carlo method is a stochastic technique driven by random numbers and probability statistic to sample conformational space when it is infeasible or impossible to compute an exact result with a deterministic algorithm.The name “Monte Carlo” (a computer simulation of random numbers i.e using random numbers as a tool to compute something that is not random) was originally coined by Metropolis and Ulam during the Manhattan project of World War II as a result of the simulation technique to the game of chance. Monte Carlo simulations are named after the gambling hot spot in Monaco, since chance and random outcomes are central to the modeling technique, much as they are to games like

example: roulette, dice, coin tossed and slot machines

Monte Carlo simulation can be used to tackle a range of problems in virtually every field such as finance, engineering, supply chain, and science.

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