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How to Make Predictions Using Monte Carlo Simulations

Monte Carlo simulations are commonly used for answering probability questions. This video provides an overview of the method, and it gives examples and references relevant resources.
With Monte Carlo simulations, you start with a simulation model, run that model many times with randomly changing parameters, and analyze the results systematically.
The example used in the video to illustrate the method is the card game Blackjack. You can learn more about the example in the technical article written by Cleve Moler, chief mathematician and co-founder of MathWorks:

Other Resources:
MATLAB Model for Blackjack and Monte Carlo Simulations:
Original Paper: The Optimum Strategy in Blackjack, Journal of the American Statistical Association (1956):
Monte Carlo Simulation - Overview:
Robot Game Playing in MATLAB – Monte Carlo Blog Post:
Khan Academy - Example:

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