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What is the primary goal of using "Monte Carlo simulation" in Markov Chains?
a) To compute the shortest path
b) To simulate the transitions and estimate long-term behavior
c) To calculate exact transition probabilities
d) To optimize decision-making in processes
The correct answer is:
b) To simulate the transitions and estimate long-term behavior
The primary goal of using Monte Carlo simulation in Markov Chains is to simulate the transitions of the system over time and estimate its long-term behavior, such as steady-state probabilities or expected rewards. By running many random simulations, Monte Carlo methods can approximate the outcomes of complex processes where analytical solutions may be difficult or impossible to derive.