In the above equation, c and r denote the circumference and radius of the circle respectively. We remember the equation to find the circumference of a circle by heart. It is imperative that we understand the fundamentals behind it as we are about to determine its value using the Monte Carlo technique. However, let us refresh our minds with the concept of Pi first. You can skip to a specific section of this Python Monte Carlo tutorial using the table of contents below:
In this tutorial, we will get familiar with the Monte Carlo technique through a simple numerical application finding the value of Pi (π). How Monte Carlo works is that it produces many possible outcomes with respective probabilities for each outcome, including extreme possibilities. Its applications can be found in a broad range of fields including quantum mechanics, financial analysis, and trend prediction. Monte Carlo method is a technique that is widely used to find numerical solutions to problems using the repetition of random sampling.
