ABSTRACT
Monte Carlo Method describes a technique of solving stochastic problems through experimentation with random numbers. In addition, programming was done in machine or assembly language until about 1955 because higher level languages such as FORTRAN were not yet available; special-purpose simulation languages did not become available. The limitations of the early computers often forced oversimplifications of problem; without such simplifications, programs would not run in feasible computer time or at feasible cost. Thus, the fundamental distinction between computer simulation and other statistical problems is that in computer simulation the data are gathered from computer model as opposed to being gathered in real world. The development of computer simulations is greatly simplified by the use of special simulation languages such as General Purpose Simulation System, GASP, etc. This chapter also presents an overview of the key concepts discussed in this book.
