Monte Carlo Methods are a set of statistical techniques used to estimate numerical results through random sampling. They are particularly useful in situations where it is difficult or impossible to calculate an exact answer. By simulating a large number of random scenarios, these methods can provide insights into complex problems, such as financial forecasting or risk assessment. These methods are named after the famous Monte Carlo Casino in Monaco, reflecting the element of chance involved. Applications range from physics to engineering and even computer graphics, making them a versatile tool for researchers and professionals in various fields.