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.
Planning on taking an introductory statistics course, but not sure if you need to start at the beginning? Review the course description for each of our introductory statistics courses and estimate which best matches your level, then take the self test for that course. If you get all or almost all the questions correct, move on and take the next test.
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