The Monte Carlo Method, perhaps named after the Monte Carlo casino in Monaco, essentially advocates applying random values (within acceptable ranges) to variables, in order to detect patterns and find solutions to systems that defy other analytical methods. Due to the fairly inclusive nature of this definition, "It is easy to code Monte Carlo analyses that take hours or even days to run. To speed up analyses—to make them run in minutes as opposed to days—users need to employ techniques such as variance reduction. " [Monte Carlo Method, riskglossary.com].
