Monte Carlo simulation was developed as a quantitative technique by the great mathematician John von Neumann during World War I.

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Monte Carlo simulation was actually developed by Stanislaw Ulam and Nicholas Metropolis in the 1940s, and was named after the Monte Carlo Casino in Monaco because of its reliance on randomization. However, John von Neumann did play a significant role in the development and popularization of Monte Carlo methods.

Monte Carlo Simulation Was Developed as a Quantitative Technique by the Great