Glossary · lab
Monte Carlo simulation
Running thousands of random sessions to see the distribution of outcomes. The method behind the simulators here.
In context
Instead of one lucky run, you see how often each result happens: median, mean, worst case, probabilitymathProbabilityChance of an outcome, from 0 to 1 or 0% to 100%. One number: 1/37 = 2.70%.Read full → of ruin.
Did you know
The method was named in the 1940s by Stanislaw Ulam and John von Neumann, after the casino, while working on neutron diffusion for the Manhattan Project. Ulam’s uncle gambled there.