Monte Carlo Simulations are a way to obtain results or solve complex mathematical problems that do not have an analytical solution. An example would be trying to calculator the value of the function pi. There is no known formula for pi that we could use to calculate it directly.
However, using Monte Carlo Simulations, we able to approximate its value.
https://en.wikipedia.org/wiki/Monte_Carlo_method
Monte Carlo methods vary, but tend to follow a particular pattern:
- Define a domain of possible inputs
- Generate inputs randomly from a probability distribution over the domain
- Perform a deterministic computation on the inputs
- Aggregate the results
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