Description
Monte Carlo Methods is a group of algorithms that simulate the behavior of complex systems using inferential statistics.
Summary
- Monte Carlo Methods is a group of algorithms that simulate the behavior of a complex system, or probabilistic phenomena, using inferential statistics.
- With enough computing power, you can run thousands, even millions, of experiments in a relative short time and in parallel.
- At the end of the day, simulations help find the optimal trade-off between time to run your experiments, having faster cycles of iteration and achieving a volume of experiments that could be much difficult to manage and maintain if they were not computer simulations.
- Tweaking the simulation This is a simulation, so you can refine your model any time you want 😀 All you need to do is change the inputs, in this case, the probabilities of the events that lead you to drink more coffee.