Monte Carlo Simulation in 3 Minutes

Eric Onofrey
Towards Data Science
3 min readDec 10, 2020

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Photo by Aidan Howe on Unsplash

Background

Monte Carlo simulations are a computational method used to assign probabilities to events that would otherwise be difficult or impossible to mathematically calculate. Since these simulations involve random variables, they are named after the gambler’s haven in Monaco, a home to many different games of chance.

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