Explain in your own words how Monte Carlo simulation may be useful to a decision maker.
Question:
Monte Carlo simulation
Monte Carlo simulation is a technique used to understand the impact of risk and uncertainty in financial, project management, cost, and other forecasting models. A Monte Carlo simulator helps one visualize most or all of the potential outcomes to...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
Constructing a simulation model can help a decision m...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Making Hard Decisions with decision tools
ISBN: 978-0538797573
3rd edition
Authors: Robert Clemen, Terence Reilly
Question Posted:
Students also viewed these Statistics questions
-
Explain in your own words how artificial intelligence can be used in a forecasting environment.
-
Explain in your own words what is meant by the equation Is it possible for this statement to be true and yet f (2) = 3? Explain. lim f(x) 5
-
Explain in your own words why it is important in some situations to consider future decisions as well as the immediate decision at hand. Can you give an example from your own experience of an...
-
If Euros sell for $1.50 per euro, what should dollars sell for in Euros per dollar?
-
Consider a one-year project that costs $300,000, provides an income of $70,000 a year for five years, and costs $30,000 to dispose of at the very end of the fifth year. Assume that the first payment...
-
In what ways might the divisional (m-form) designs of most airlines lend themselves to the requirements of alliance membership? In what ways might they be compatible with the organizational needs of...
-
In problem 6.4, what percent of time is the order actually running? LO.1
-
The SEC did not criticize Accuhealths independent auditors in the various enforcement releases issued concerning the companys fraudulent schemes. Under what general circumstances auditors should not...
-
Perdue Company purchased equipment on April 1 for $49,800. The equipment was expected to have a useful life of three years, or 6,900 operating hours, and a residual value of $1,500. The equipment was...
-
The Happy Hang Glide Company is purchasing a building and has obtained a $190,000 mortgage loan for 20 years. The loan bears a compound annual interest rate of 17 percent and calls for equal annual...
-
Figure 10.36 shows two empirical CDFs of the residuals of Sales for two regressions. Estimate (roughly) the 0.20 and 0.80 fractiles of both of these empirical CDFs. What do these two intervals say...
-
Modify the decision-tree model in Figure 11.13 to use the extended Swanson-Megill (ES-M) approximation for demand instead of the EPT approximation. Use your ES-M model to calculate expected profit...
-
The shaft work in a pump to increase the pressure is small compared to the shaft work in an air compressor for the same pressure increase. Why?
-
Refer to the information presented in M7-9. Suppose that Juanita has developed a rectangular, medium-size ceramic pot. It requires 3 hours of kiln time; however, two medium-size pots can fit m the...
-
Eclipse Company manufactures a variety of sunglasses. Production information for its most popular line, the Total Eclipse (TE), follows: Suppose that Eclipse has been approached about making a...
-
Sunblocker Corp. makes several varieties of beach umbrellas and accessories. It has been approached about producing a special order for custom umbrellas. The special-order umbrellas with the Randolph...
-
Sunblocker Corp. is considering eliminating a product from its Happy Sand line of beach umbrellas. This collection is aimed at people who spend time on the beach or have an outdoor patio near the...
-
Suppose that annual demand for a certain item has decreased dramatically this year, although the store that stocks this item has not updated its inventory policy, so the store is still using the same...
-
Brenda Brewster owned stock costing $12,000 which she sold to her daughter, Rita, for $8,000. Rita sold the stock later for $14,000. a. What is Brendas gain or loss? b. What is Ritas gain or loss? c....
-
Assume Eq. 6-14 gives the drag force on a pilot plus ejection seat just after they are ejected from a plane traveling horizontally at 1300 km/h. Assume also that the mass of the seat is equal to the...
-
In chess, a knight can move in any direction, but it must move two spaces then turn and move one more space. The eight possible moves a knight can make from a space in the center of a five-by-five...
-
Let be a deterministic periodic waveform with period to. A random process is constructed according to X (t) = s (t T) Where T is a random variable uniformly distributed over [0, to]. Show that the...
-
A sinusoidal signal of the form X (t) = bcos (2Ïft + θ), is transmitted from a fixed platform. The signal is received by an antenna which is on a mobile platform that is in motion...
-
Two zero- mean discrete random processes, X [n] and Y [n], are statistically independent and have autocorrelation functions given by RXX [k] = (1/ 2) k and RYY [k] = (1/ 3) k . Let a new random...
-
Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five - year period. His annual pay raises are determined by his division s...
-
Consider a 5 year debt with a 15% coupon rate paid semi-annually, redeemable at Php1,000 par. The bond is selling at 90%. The flotation cost is Php50 per bind. The firm's tax bracket is 30%.
-
A project will generate annual cash flows of $237,600 for each of the next three years, and a cash flow of $274,800 during the fourth year. The initial cost of the project is $749,600. What is the...
Study smarter with the SolutionInn App