Monte Carlo simulations have become a cornerstone in quantitative finance, particularly in the pricing of complex options and in modelling volatility dynamics. This numerical method employs random ...

Monte Carlo simulation — the method of statistical analysis that determines the probability of certain events using a roulette-wheel like generation of random numbers — has become so popular that ...

Brief review of conditional probability and expectation followed by a study of Markov chains, both discrete and continuous time. Queuing theory, terminology, and single queue systems are studied with ...

Advisors and websites often show clients the results of large numbers of Monte Carlo simulations. It is hoped that clients will be calmed by pursuing avenues predicted to have a 90% chance of success.

We have all made decisions, whether in our personal or professional lives, based on imperfect information. How can we manage that risk and improve business outcomes? One answer is a statistical method ...

Process variations and device mismatches profoundly affect the latest ultra-small geometrical processes. Complexity creates additional factors that impact device manufacturing variability, which in ...

Researchers have developed a highly efficient method to investigate systems with long-range interactions that were previously puzzling to experts. These systems can be gases or even solid materials ...

Worst-case scenario simulations ensure manufacturing is prepared for all contingencies, but over-sizing or under-sizing may ensue. This results in larger than necessary filters and columns that may ...