Excel Business Analytics Free Course - Forecasting, Linear Programming, Simulation & more. - Basic Excel Business Analytics #64: Introduction To Monte Carlo Simulation In Excel

Download files: https://people.highline.edu/mgirvin/AllClasses/348/348/AllFilesBI348Analytics.htm Learn how to create a Monti Carlo Simulation In Excel: 1) (00:12) Introduction to what we will cover in this chapter. 2) (00:53) Models with Set / Static Variables. Compare and contrast how these models are different that Mote Carlo Simulation Models that contain Random / Uncertain Variables. 3) (03:48) Mote Carlo Simulation Models that contain Random / Uncertain Variables 4) (04:10) Random / Uncertain Variables based on past data based Relative Frequency Distributions (Probability Distributions) 5) (06:07) Excel Formula to create Continuous, Uniform Random / Uncertain Variable using RANDBETWEEN Function. 6) (08:36) Create Simulation using Excel Data Table feature and an empty cell for the Column Input required for the Data Table. 7) (14:37) Create Summary Statistics such as Mean, Standard Deviation, Min, Max (using AVERAGE, STDEV.S, MIN, MAX functions), and a Relative Frequency using the FREQUENCY Array Function. 8) (20:23) Analyze Simulation Data. 9) (21:26) Review What a Mote Carlo Simulation is and What the steps are to create a simulation in Excel. How does Data Table with Empty Cell work? Here: Data Table is a feature that copies many formulas down by substituting in a new input from the column based on a cell that is a formula input into the formula. Because the cell is an "Empty Cell" that is NOT a formula input in the formula being copied, Data Table tries to make a substitution, but it can't, and therefore it just copies formula down. Because it is a randomizing formula, every time it gets copied down a row, it randomizes. If you need to be reminded about how the Data Table feature works, see my earlier videos in this class here: https://www.youtube.com/watch?v=EWJPPUvJ7c8&index=5&list=PLrRPvpgDmw0mSJCZaqQPFj0eto4qnzkCZ and https://www.youtube.com/watch?v=3komnmHvglc&index=6&list=PLrRPvpgDmw0mSJCZaqQPFj0eto4qnzkCZ Download Excel File Not: After clicking on link, Use Ctrl + F (Find) and search for “Highline BI 348 Class” or for the file name as seen at the beginning of the video.