This is the final video of your trail. It picks up the concept of Monte Carlo Simulation and brings together all topics covered by the series. After demonstrating how MS Excel can be used to randomly generate normally and beta distributed data, it explains the general steps in creating a simulation model. This is augmented by a more extensive example, making use of all introduced concepts. After watching the video, you should, with some guidance, be able to translate a more complex real-world-scenario into an advanced model, simulate potential outcomes and analyse them in support of furthering the understanding of the system’s behaviour.
00:00 Intro
00:50 Use MS Excel to (randomly) generate normally and beta distributed data
05:10 General steps in modelling
05:56 Example