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Publisher Summary. Simulation modeling with random elements is often referred to as Monte Carlo simulation, presumably after its namesake casino at Monte Carlo on the Mediterranean.This apt term commemorates the link between randomness and gambling, going back to the French scientist Blaise Pascal in the 17th century.
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Lilly uses simulation to determine the optimal plant capacity for each drug. Proctor and Gamble uses simulation to model and optimally hedge foreign exchange risk.
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Monte Carlo is the name of a casino that was frequented by the scientists who invented the method of Monte Carlo integration. So basically the idea of probability for statistics is related to the geometric area under the curves of the probability.
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Win X-Ray Program: This program is a Monte Carlo simulation of electron trajectory in solid. This new Monte Carlo programs, Ray, is a extension of the well known Monte Carlo program CASINO, which includes statistical distributions for the backscattered electrons, trapped electrons, energy loss and phi rho z curves for X-ray.
Monte Carlo Simulation Computer software can be used to simulate a wide variety of real-life phenomena. Monte Carlo Simulation in particular gets its name from the famous casino and is used when the purpose is to quantify the effects of uncertainty.