Explain the concept of risk analysis and how Monte Carlo simulation can provide useful information for making decisions

Week 5 HW

Please answer the following questions.

Use this as at least 1 of the references:

Evans, J. R. (2013). Statistics, data analysis, and decision modeling (5th ed.). Upper Saddle River, NJ: Prentice Hall.

 

Question 1         

What is a decision model, and what are the three types of inputs common to decision models?

 

Question 2         

Describe how to use Excel data tables, Scenario Manager, and goal seek tools to analyze decision models.

 

Question 3         

Explain basic spreadsheet approaches for implementing decision models in Excel.

 

Question 4         

Explain the concept of risk analysis and how Monte Carlo simulation can provide useful information for making decisions.

 

Question 5         

Summarize the modeling and analysis using Solver tool available in Excel and what information it provides. You need to discuss the steps to run optimization using Solver in excel and produce optimization output and sensitivity reports.

 

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