Pete Rathburn is a copy editor and fact-checker with expertise in economics and personal finance and over twenty years of experience in the classroom. Getty Images / Monty Rakusen Analysts can assess ...

Uncertainty and risk are issues that virtually every business analyst must deal with, sooner or later. The consequences of not properly estimating and dealing with risk can be devastating. There’s a ...

Vector computers provide a new tool for management scientists. The application of that tool requires thinking in vector mode. This mode is examined in the context of Monte Carlo experiments with ...

Bayesian statistics have made great strides in recent years, developing a class of methods for estimation and inference via stochastic simulation known as Markov Chain Monte Carlo (MCMC) methods. MCMC ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Gordon Scott has been an active investor and ...

Numbers are rather useful. This is unfortunate, because they're also rather confusing. Our brains have a hard time making sense of lists of numbers, so we employ an imaginary friend to help us — the ...

The term "Monte Carlo" has its origins in the world-renowned Monaco city known for its casinos. In the 1940s, scientists working on the Manhattan Project developed this simulation method to model the ...