Monte Carlo Method
Definition - What does Monte Carlo Method mean?
Techopedia explains Monte Carlo Method
The Monte Carlo method is generally attributed to Stanislaw Ulam, who worked at Los Alamos Laboratory in New Mexico in the 1940s. It was named after a casino because of the application of this type of algorithm to games of chance. It has since become an important part of mathematical analysis and was programmed into John von Neumann’s ENIAC computer shortly after its discovery.