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What are the Advantages and disadvantages of Monte Carlo method?
Wiki User
∙ 10y ago
Disadvantages
•May be very expensive and time consuming to build simulation
•Easy to misuse simulation by "stretching" it beyond the limits of credibility
-Problem especially apparent when using commercial simulation packages due to ease of use and lack of familiarity with underlying assumptions and restrictions
-Slick graphics, animation, tables, etc. may tempt user to assign unwarranted credibility to output
•Monte Carlo simulation usually requires several (perhaps many) runs at given input values
-Contrast: analytical solution provides exact values
Wiki User
∙ 10y ago
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