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explain the 5 steps of conducting a Monte Carlo simulation? Thank You Quantitative Analysis

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General Management

explain the 5 steps of conducting a Monte Carlo simulation?Thank You

Quantitative Analysis

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The five steps of conducting Monte Carlo Simulation are 1 Establishing probability distribution 2 Cumulative probability distribution 3 Selecting random number intervals 4 Getting random numbers 5 Finding answer of the question using the above four steps Suppose we take a case of physician who schedule his patients for more or less 30 minutes depending on the type of ailment The following table shows the category of ailment probability and actual time needed to complete the work Here in this table we find probability ie Step 1 probability no of patients Total patient ie 100 Table 1 Category ailment Time required No of patients Probability Gastric 45 40 04 muscular 60 15 015 skin 15 10 01 allergy 45 15 015 Throat 15 20 02 Sum of all patient 100 Situation Now I want to simulate the physicians clinic for four hours and find out the average waiting    See Answer
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