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: https://bit.ly/2Fgwy4n

Other Resources:
MATLAB Model for Blackjack and Monte Carlo Simulations: https://bit.ly/2IwvP17
Original Paper: The Optimum Strategy in Blackjack, Journal of the American Statistical Association (1956): https://bit.ly/2WU022X
Monte Carlo Simulation - Overview: https://bit.ly/2IXaKf0
Robot Game Playing in MATLAB – Monte Carlo Blog Post: https://bit.ly/2It68OH
Khan Academy - Example: https://bit.ly/2KwBLt0