The model to make this prediction is called “stochastic” — a fancy way to describe what is a typical Monte Carlo simulation model. Profit and prosper with the best of expert advice on ...
Many of the Monte Carlo methods and practices used to be referred to as rather generic "statistical sampling." Monte Carlo, of course, is a historical reference to the famous casino in Monaco.
It is used to predict the outcome of a series of events, each of which has its own probability. Here it is outlined in terms of neutrons, needles, roulette wheels and furniture factories ...