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Monte Carlo Simulation in Excel Without Using Add-ins Case Solution & Answer

This Case is about BUSINESS MODELS, MANAGING UNCERTAINTY, TECHNOLOGY

PUBLICATION DATE: April 20, 2009 PRODUCT #: 909E04-PDF-ENG

This note gives step by step directions on the best way to construct a Monte Carlo simulation model in Microsoft Excel without using spreadsheet add ins. The note describes the difference between “arbitrary” and “uniformly dispersed.” The note also describes: how the Excel function RAND() operates, the best way to use Excel functions like NORMINV() to mimic random amounts from distributions apart from the uniform; the best way to use VLOOKUP() with tabulated data to mimic amounts from any arbitrary distribution, and the best way to use Data Tables to create multiple iterations of a simulation model. The note ends with an example that illustrates the use of each of these theories.

Monte Carlo Simulation in Excel Without Using Add-ins Case Solution
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