The essence of Monte Carlo

Monte Carlo methods (MC) are a series of mathematical methods through which we can gain insight into the statistical properties of a system by running repeated independent trials and stacking them up against each other. These methods find plenty of uses in areas like engineering, physics, finance, data science, machine learning, and more. However, MC methods can be very challenging to understand, and lack of understanding often leads to the wrong implementation, which ultimately leads to either erroneous results or erroneous interpretations of those results. In this article, I present a very brief…