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3 cards from this section. Quick, good the night before a test.
What is the purpose of Monte Carlo simulations?
Think about randomness and how it's modeled.
Define probability distribution in the context of Monte Carlo simulations.
Remember the role of inputs in simulations.
What is a key benefit of using Monte Carlo simulations?
Think about what the main goal of simulating variability is.
True or False: Monte Carlo simulations are ideal for linear models.
Consider when randomness is most impactful.
Design a Monte Carlo simulation to estimate the economic impact of adopting renewable energy in a city. Define critical variables and their distributions.
Consider the variability in costs and savings over time.
Explain how you would use Monte Carlo simulations to assess risks associated with a new construction project. Outline the inputs needed.
Think about various sources of uncertainty that impact projects.
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