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Explain Monte Carlo Sampling? Under what circumstances, can it be used? Elaborate on the application and...

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Basic Math

Explain Monte Carlo Sampling? Under what circumstances, can itbe used? Elaborate on the application and limitations related tothis sampling?

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Monte Carlo simulation is named after the city of Monte Carlo inMonaco which is famous for gambling such as roulette dice andslot machines Since the simulation process involves generatingchance variables and exhibits random behaviours it has been calledthe Monte Carlo simulationMonte Carlo simulation has been applied to diverse problemsranging from the simulation of complex physical phenomena such asatom collisions to the simulation of traffic    See Answer
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