Editing Monte Carlo Methods (section)

== <span style="color: #FFFFFF;">Remembering</span> ==
* '''Monte Carlo Method''' — A broad class of computational algorithms that rely on repeated random sampling to obtain numerical results.
* '''Stanislaw Ulam''' — The mathematician who invented the method while playing "Solitaire" in a hospital bed.
* '''Random Sampling''' — The act of picking a "Random data point" to see what happens.
* '''Convergence''' — The idea that as you run "More and More" simulations, the average result gets "Closer and Closer" to the "True" answer.
* '''The Law of Large Numbers''' — The mathematical rule that says the average of a large number of trials will be close to the expected value.
* '''Markov Chain Monte Carlo (MCMC)''' — A complex version that "Wanders" through a problem space to find the most likely answers.
* '''Confidence Interval''' — The "Range of certainty" in a Monte Carlo result (e.g., "The answer is 42, with a 95% chance it's between 41 and 43").
* '''Pseudorandom Number Generator (PRNG)''' — The computer "Brain" that generates the "Fake" random numbers used in the simulations.
* '''Integration''' — Using Monte Carlo to find the "Area" of a weird shape by "Throwing random darts" at it.
* '''Sensitivity Analysis''' — Using Monte Carlo to see "Which variable" (e.g., Oil Price vs. Interest Rate) has the biggest effect on a project.
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