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# Binomial Method Essay

Below is an essay on "Binomial Method" from Anti Essays, your source for research papers, essays, and term paper examples.

MONTE CARLO MODEL
Monte Carlo methods (or Monte Carlo experiments) are a broad class of computational algorithms that rely on repeated random sampling to obtain numerical results; i.e., by running simulations many times over in order to calculate those same probabilities heuristically just like actually playing and recording your results in a real casino situation: hence the name. They are often used in physical and mathematical problems and are most suited to be applied when it is impossible to obtain a closed-form expression or infeasible to apply a deterministic algorithm. Monte Carlo methods are mainly used in three distinct problems: optimization, numerical integration and generation of samples from a probability distribution.
Monte Carlo methods are especially useful for simulating systems with many coupled degrees of freedom, such as fluids, disordered materials, strongly coupled solids, and cellular structures (see cellular Potts model). They are used to model phenomena with significant uncertainty in inputs, such as the calculation of risk in business. They are widely used in mathematics, for example to evaluate multidimensional definite integrals with complicated boundary conditions. When Monte Carlo simulations have been applied in space exploration and oil exploration, their predictions of failures, cost overruns and schedule overruns are routinely better than human intuition or alternative "soft" methods.[1]
The modern version of the Monte Carlo method was invented in the late 1940s by Stanislaw Ulam, while he was working on nuclear weapon projects at the Los Alamos National Laboratory. It was named, by Nicholas Metropolis, after the Monte Carlo Casino, where Ulam's uncle often gambled.[2]Immediately after Ulam's breakthrough, John von Neumann understood its importance and programmed the ENIAC computer to carry out Monte Carlo calculations.

Monte Carlo methods vary, but tend to follow a particular pattern:
1. Define a domain of possible...

• on October 18, 2013
• Length: 5,467 words
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