Bonus for Monte Carlo eCourse

Well hello again. Hope you’re incorporated the Monte Carlo Method into your everyday analyses.

Here are some additional pointers I wanted to share:

1. There comes a time where you need your calibrated slot machine to issue random numbers in decimal form. Numbers like “5.03”, “6.07”, “3.14”. To do that you’ll want to incorporate the RAND() function.

The RAND() function returns numbers between 0 and 1.0 (numbers like 0.1, 0.2, and 0.7)where as the RANDBETWEN function returns intergers (numbers like 0, 1, 2, and 7). If you added them together, RANDBETWEEN(5, 10) + RAND(), you could get numbers like “5.299849”, “8.813461”, and “9.761185”.

2. There is nothing sacred about only using 1,000 trials/scenarios. You can used more. Try making 5,000 copies of your equation. It will just give you more confidence in your findings. The trade-off is that it may be harder for you to explain your results to others.

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