Smart Monte Carlo Excel Add-In

Single License: $125 per Copy
Size: 1.0 Mb

The Monte Carlo method comes down to studying various processes using random numbers. The method makes it possible to evaluate a value that depends on random parameters. It is especially convenient to use this method when it is difficult to get an exact analytical solution.

There are a huge number of such problems with random variables in economics. For example, financial models include such random values as commodity prices and sales. The number of accidents covered by insurance and the sum of compensation are random numbers in insurance. Also, the Monte Carlo method can be used in all kinds of queue models (for example, a call center), where you can use simulation to evaluate the length of a queue, the maximum and average time of waiting, etc.

The Smart Monte Carlo Excel add-in allows you to perform simulation using the Monte Carlo method in Excel. Smart Monte Carlo includes:

• functions for generating random numbers with a certain distribution function
• the tool for performing simulation with a certain number of attempts:
  • the statistical characteristics of the value under study
  • the graphical representation of functions
  • exporting results to a new Excel worksheet
• the tool for generating arrays of random numbers

Single License: $125 per Copy
Size: 1.0 Mb

See also:
- Monte Carlo Simulation
- Random Number Generator