What Does Monte Carlo Algorithm Mean?
A Monte Carlo algorithm is a type of resource-restricted algorithm that returns answers based on probability. As a result, the solutions produced by the Monte Carlo algorithm may or may not be correct within a certain margin of error. Mathematicians, scientists and developers use Monte Carlo algorithms to make observations based on input.
Techopedia Explains Monte Carlo Algorithm
One of the best ways to describe Monte Carlo algorithms is to contrast them with a different class of algorithms called Las Vegas algorithms. In a Las Vegas algorithm, the result will always be correct, but the system may use more than the anticipated amount of resources or time. In the words of some experts, the Las Vegas algorithm “gambles” with resource usage while always returning a precise result.
