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Monte Carlo Analysis
A statistical technique that uses random sampling and numerical experiments to estimate mathematical functions and simulate the behavior of complex systems.
Cumulative Probability Distribution
The accumulation of individual probabilities of a distribution.
Random Numbers
Random numbers are sequences of digits (usually between 0 and 1) generated in such a way that each number has an equal probability of occurring, commonly used in simulations and statistical sampling.
Cumulative Probability Distribution
A statistical function that describes the probability of a random variable falling within a certain range or being less than a specific value.
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