Editorial: Applications of Monte Carlo Method in Chemical, Biochemical and Environmental Engineering
Year: 2020
Type: editorial
Abstract: Monte Carlo methods are defined broadly as a statistical approach to provide approximate solutions to mathematically complex optimization or simulation problems by using random sequences of numbers. The two main advantages of Monte Carlo methods are perhaps that the concept is relatively simple and easy to use, and the same method has a sound basis. The Law of large numbers ensures that the Monte Carlo solution converges asymptotically to the true solution of a problem and since its first formulation by Metropolis and Ulam (1949), Monte Carlo methods have seen widespread application across many scientific and engineering disciplines.
Source: Frontiers in Energy Research
Authors: Gurkan Sin, Antonio Espuña
Language: English
Subfield: Statistics, Probability and Uncertainty
Field: Decision Sciences
Domain: Social Sciences
Open Access status: gold
Estimated APC paid: $2,490
OpenAlex ID: W3027630249