# Monte Carlo simulation

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## Definitions Edit

A **Monte Carlo simulation** is

“ | [a] statistical method of calculating the effect of risk on outcome by producing a probability distribution of possible outcomes.^{[1]}
| ” |

“ | the simulation or modeling of an event whose occurrence is random and not predicated on previous events. It alludes to games of chance, such as craps or roulette, played in Monte Carlo, in which the outcome of events is not dependent on previous outcomes. Monte Carlo simulation is often used to generate random numbers for use in computer modeling.^{[2]}
| ” |

## References Edit

- ↑ The Scottish Government, Scottish Capital Investment Manual, Glossary (full-text).
- ↑ People and Pixels: Linking Remote Sensing and Social Science, at 232.