POWER USER PRO TIP
Monte Carlo Simulation is a method used to predict the probability of given outcomes based on repeated random sampling. In other words, it’s a way to generate and analyze thousands (or even millions) of potential outcomes in order to understand which ones are most likely to actually occur.
In this tip, we’ll play with a fully-functional roulette simulator (along with Data Tables and randomized inputs) to demonstrate how to build our own simulation models in Excel.
COMMON USE CASES:
- Randomly simulating models many times to calculate the probability of certain outcomes
- Building predictive models that account for a given degree of uncertainty
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