Brief review of conditional probability and expectation followed by a study of Markov chains, both discrete and continuous time. Queuing theory, terminology, and single queue systems are studied with ...

Monte Carlo simulations predict investment risks and returns using computer models. They enable investors to assess outcomes under various market conditions. Accessible tools like online calculators ...

Monte Carlo, an old gambling concept, could have a future in healthcare as an approach to data analytics that allows managers to crunch vast amounts of data in order to support fiscally prudent ...

How might you go about using Monte Carlo simulations for your retirement plan? Well, first you need to understand what Monte Carlo is and what it isn’t. According to Dana Anspach, CFP, RMA, the ...

Planning for retirement is full of uncertainties. How long will you live? Will the markets behave? How will inflation affect ...