Monte Carlo Simulations in Python | What are Monte Carlo Simulations?

This video delves into Monte Carlo Simulations in Python, explaining what they are and how to implement them. Learn about this powerful statistical technique and how it can be used to model and solve complex problems.

The topics covered in this video are:

- Introduction to Monte Carlo simulations
- Setting up a simulation in Python
- Real-world applications

[Try it yourself!]

[More about Python and Monte Carlo Simulations]
Monte Carlo simulations are a fundamental tool in risk analysis and decision-making, used widely in fields such as finance, engineering, and scientific research.

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[adammontgomery]

Do you know of any resources that would help me learn how to choose what kind of distribution to use for sampling in different scenarios? Here you're doing a uniform distribution, but often a uniform, or normal distribution isn't the right one to use. I've researched other types of distribution: beta, gamma, exponential, etc but I don't really know when to use which. Would I just pick the one that fits the data the best?

[FREELEARNING]

The Sum of probabilities hsould add up to 1