From the course: Excel Statistics Essential Training: 2
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What are simulations? - Microsoft Excel Tutorial
From the course: Excel Statistics Essential Training: 2
What are simulations?
- [Lecturer] In this chapter, we're going to discover the power of Monte Carlo simulations. Before we do that, let's discuss that name. Monte Carlo refers to the high stakes casinos in Monaco. Why? Because like gambling, Monte Carlo simulations are all about playing the odds. You see, Monte Carlo simulations allow you to run an experiment or a model hundreds, or even thousands of times. So, it's an incredible opportunity to collect massive random samples based on statistics and to do it for events that haven't happened yet. So, it allows us to test the statistics we've learned in this course and preceding courses on real life systems, processes, or designs. A really important part of Monte Carlo is being able to design the models we want to test. We can test processes we're familiar with to help explain to ourselves and others the outcomes we see every day. Or we can test processes and designs in the design phase. We…
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