Monte Carlo Method and Price Testing: Old Solution for Modern Problems
( go to the article → https://insidebigdata.com/2020/05/28/monte-carlo-method-and-price-testing-old-solution-for-modern-problems/ )
In this special guest feature, Vladimir Kuchkanov, Pricing Solution Architect at Competera, examines how data scientists often forget about classics while good old algorithms are still relevant and efficient. In particular, Monte Carlo method (MCM) pops up in mind. Among many fields of its application, MCM has established itself as a solid solution in price prediction and automation of pricing rules in retail. Like any analytical approach, MCM has limitations and inaccuracies. Despite this, many fields, including retail, still utilize it.
May 28, 2020, 1 p.m.
You may be interested in:
Newest in: Big Data
Embracing Composable Cloud is Key to Operationalizing AI
Heard on the Street – 3/28/2024
Navigating the IoT Landscape: The Role of Data Mapping in IoT Ecosystems
-Newest in: Data Science
Heard on the Street – 3/28/2024
Building Ethical AI Starts with the Data Team – Here’s Why
Power of a Predictive Model for Ames, Iowa Housing
-Newest in: Opinion
Embracing Composable Cloud is Key to Operationalizing AI
Beyond Tech Hype: A Practical Guide to Harnessing LLMs for Positive Change
Video Highlights: Open-Source LLM Libraries and Techniques — with Dr. Sebastian Raschka
-