Sawilowsky lists the characteristics of a high-quality Monte Carlo simulation.
- The (pseudo-random) number generator has certain characteristics (e.g. a long “period” before the sequence repeats)
- The (pseudo-random) number generator produces values that pass tests for randomness.
- There are enough samples to ensure accurate results
- The algorithm used is valid for what is being modelled
- It simulates the phenomenon in question
A Game of Chance - Monte Carlo Simulation