n Monte Carlo Simulation: A computational approach that uses random sampling to estimate the chance distribution of potential outcomes. It’s extensively used in finance, engineering, and different fields to model complex systems and make knowledgeable choices.
Bayesian Inference: A method of statistical inference that updates the chance of a speculation as more proof turns into out there. It’s useful in fields like machine learning, the place it helps refine fashions based mostly on new knowledge.
Markov Chains: A mathematical system that undergoes transitions from one state to another primarily based on sure probabilistic guidelines. It’s used in areas like economics, genetics, and game concept to mannequin dynamic proces
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