The various steps associated with a Monte
Carlo Method are as follows:
(a) For appropriate model of the system,make sample observations and
determine the probability distribution for the variables of interest.
(b) Convert the probability distribution to cumulative distribution.
(c) Select the sequence of random numbers with the help of random tables.
(d) Determine the sequence of values of variables of interest with the sequence of random numbers obtained in the above step.
(e)Fit an appropriate standard mathematical function to the values
obtained in step-(d) The Monte Carlo Method is essentially a simulation technique in which statistical distribution functions are created by generating a series of random numbers.
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