From the course: Excel Statistics Essential Training: 2
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Business simulation example - Microsoft Excel Tutorial
From the course: Excel Statistics Essential Training: 2
Business simulation example
- [Instructor] All right, in the previous video, we learned a really basic use for Monte Carlo simulation. In this case, we're going to do something that's slightly more difficult, probably a little bit more business-oriented, and hopefully, a little more interesting to you. Now, the thing that you want to remember about Monte Carlo simulation is it really is all about the model that you're testing. And the more interesting the model, the more interesting the scenario, the more interesting the outcomes are going to look to you. But in this case, we're going to do something that's rather simple, but still, hopefully, something that interests you a little bit, especially when you start to see the results. So what I've done in this situation, I said, what happens if we're going to do this Monte Carlo simulation for a certain business process? So the process is we're going to fulfill an online order. And the online order is…
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