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Please provide an example of a Monte Carlo simulation model (and explain). Your simulation example should be...

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Question

Advance Math

Please provide an example of a Monte Carlo simulation model (andexplain).

Your simulation example should be able to:

  1. Tackle a wide variety of problems using simulation
  2. Understand the seven steps of conducting a simulation
  3. Explain the advantages and disadvantages of simulation
  4. Develop random number intervals and use them to generateoutcomes
  5. Understand alternative computer simulation packagesavailable
  6. Explain the different type of simulations
  7. Explain the basic concept of simulation

Answer & Explanation Solved by verified expert
4.5 Ratings (880 Votes)
In general terms the Monte Carlo method or Monte Carlo simulation can be used to describe any technique that approximates solutions to quantitative problems through statistical sampling As used here Monte Carlo simulation is more specifically used to describe a method for propagating translating uncertainties in model inputs into uncertainties in model outputs results Hence it is a type of simulation that explicitly and quantitatively represents uncertainties A Simple Example Rolling Dice As a simple example of a Monte Carlo simulation consider calculating the probability of a particular sum of    See Answer
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