Advantages of Monte Carlo Simulation

By Kardi Teknomo, PhD .

Monte Carlo Simulation Tutorial: Advantages

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Advantages to Use Monte Carlo Simulation

  • To use Monte Carlo Simulationis quite simple and straightforward as long as the convergence can be guaranteed by the theory.
  • Monte Carlo Simulation may provide statistical sampling for numerical experiment using computer
  • For optimization problems, Monte Carlo Simulation often can reach global optimum and overcome local extreme
  • Monte Carlo Simulation provides approximate solution to many mathematical problems
  • The method can be used for both stochastic (involve probability) and deterministic (without probability).

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Preferable reference for this tutorial is

Teknomo, Kardi. Monte Carlo Simulation Tutorial. https:\\people.revoledu.com\kardi\ tutorial\Simulation