As Monte Carlo simulation is essentially statistical sampling, the larger the number of trials used, the more precise is the result.

Name: As Monte Carlo simulation is essentially statistical sampling, the larger the number of trials used, the more precise is the result.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Monte Carlo simulations rely on the law of large numbers, meaning that as the number of trials increases, the results tend to converge towards the true or expected value, thus increasing precision.

As Monte Carlo Simulation Is Essentially Statistical Sampling, the Larger