Multilevel Monte Carlo method

Multilevel Monte Carlo (MLMC) is a simulation technique that lets you get a more accurate answer from a simulation with less work. It works by taking the same problem and breaking it down into smaller pieces. Each of these smaller pieces can be easily solved, and then combined together to get one big solution. It's like taking a complicated puzzle and breaking it into smaller pieces so you can easily solve it. MLMC works with computer simulations too, doing the same thing - breaking down a big problem into smaller, more manageable pieces and then combining them together to get the answer.