Simulation is almost the most fun (and powerful) thing we can do in Excel!!!! MECS will teach you all the newest amazing features, like the new Dynamo Spilled Array For4mulas : )
That was a great solution to find gain/loss for a investment to new product for Manufacturing. But what about Retail sector ? Same technique will not work on retail for new product
Do you have any tips for making Excel run faster when handling a Monte Carlo sim like this? When I run this, excel takes several minutes to compute the data table. Appreciate all of your videos!
Hi! Thanks for your video. I have a question; How can you prevent that the random made demand does not exceed the best value. When I try the same formula using your values, is sometimes results in a value higher than the best value. Thank you.
I've looked at this video several times and just noticed that there are times when you cycle through various operations that the Max [Profit] exceeds the Best Profits. For example, [though there are several instances before] look at the 18:25 mark. Did "we" miss something?
Thank you very much! i run into this when i search mont carlo sim in excel. very good! esp the example spreadsheet to practice. will check out the rest of the video too. thanks again.
thank you for the instruction and demo. I use many of the function often. this demo helps greatly! wish you can show how to build a normal distribution chart in older excel 2007 ( i know it sucks). Thanks!
Michael Girvin: 1) Highline College Business Professor, Des Moines, WA since 2002. 2) Microsoft MVP since 2013. 3) RUclipsr with 700,000 Subscribers since 2008. Video posted December 25, 2015.
In your simulation output (data table), are you saying that for simulation 1 (DLC=$41; MC=$87.07; Demand=26,176), all 26,176 compressors had the same DLC & MC?
In each of the individual 10,000 simulation cases, the "uncertain" variables DLC, MC, and D take on a single value which is fixed for that individual simulation case. The case is _defined_ by each of these variables being fixed for the entire case (across all D units produced in the case). Simulation 1 is only Simulation 1 because of the given 3 variables' values. Were they to differ, they would represent a _different_ Simulation. If you wanted the model to account for a DLC or MC which varied according to Demand (or production quantity) *within* each simulation case, then that would require a new model which included a shifting relationship between production quantity and DLC or MC.
Formula in A27:A34 =IFRROR(SUM($C$27:C28),C28) Surprise! If CELL A27 is text, does not perform the sum, it just puts the value of A28, If CELDA A27 is number, it performs the sum.
Done! Following the mecs playlist!
Simulation is almost the most fun (and powerful) thing we can do in Excel!!!! MECS will teach you all the newest amazing features, like the new Dynamo Spilled Array For4mulas : )
Thanks bro
You are welcome!!!
watching this in 2021,this is a great help! especially our finals is fast approaching 😁
Glad this helps!
One of your BEST videos!
It's informative, helpful, and smartly demonstrated!
Thank you from the bottom of my heart!
You are welcome! Thanks for your support with your comment, Thumbs Up and a Sub : )
I just love this dude
Glad to help : )
That was a great solution to find gain/loss for a investment to new product for Manufacturing. But what about Retail sector ? Same technique will not work on retail for new product
Your videos are very, very helpful! High-quality guidance right there!
Do you have any tips for making Excel run faster when handling a Monte Carlo sim like this? When I run this, excel takes several minutes to compute the data table. Appreciate all of your videos!
This is awesome ! Loved learning Monte Carlo Simulation !
Yes, Monte Carlo Simulation is one of the more fun and useful things that we can do in Excel : )
Thanks for stopping by in the comments, Smitirashmi!!
Hi! Thanks for your video. I have a question; How can you prevent that the random made demand does not exceed the best value. When I try the same formula using your values, is sometimes results in a value higher than the best value. Thank you.
if I understood your question correctly, I guess you may use this formula:
=MIN(MAX(0,[Demand formula]),[Best value])
I looking for more Monte Carlo Simulations. This is very Good Practical example
+Anand Penmatcha Glad you like it! More to come.
I've looked at this video several times and just noticed that there are times when you cycle through various operations that the Max [Profit] exceeds the Best Profits. For example, [though there are several instances before] look at the 18:25 mark. Did "we" miss something?
i love this video. kindly assist on how i can get the file using the given link. please please
Thank you very much! i run into this when i search mont carlo sim in excel. very good! esp the example spreadsheet to practice. will check out the rest of the video too. thanks again.
You are welcome!
thank you for the instruction and demo. I use many of the function often. this demo helps greatly! wish you can show how to build a normal distribution chart in older excel 2007 ( i know it sucks). Thanks!
Thank you great man for your high quality , free stuff you r sharing
+Mohammed Suleiman You are welcome!
THANK YOU SO MUCH!!! :D
You are welcome so much!!!! Isn't it fun : )
@@excelisfun We have a question: why are the costs not a triangular distribution
This is great work. How I can use this work as a case study in my paper? Could you give me please reference that I can put my reference list?
Michael Girvin: 1) Highline College Business Professor, Des Moines, WA since 2002. 2) Microsoft MVP since 2013. 3) RUclipsr with 700,000 Subscribers since 2008. Video posted December 25, 2015.
@@excelisfun Thanks a lot
@@mdmotasimbillah8250 Post back later and let me know how your project goes and what your final results are : )
@@excelisfun I am not doing any project. I am writing a short paper.
@@mdmotasimbillah8250 : )
Wow! Terrific! Looking for the construction length example..
+Humberto Soto , Great! Coming up in 2 more videos... Thanks for the Thumbs Up!!!
How to know which of the thee uncertain variables affects the most?
How did you calculate demand to your product ?
In your simulation output (data table), are you saying that for simulation 1 (DLC=$41; MC=$87.07; Demand=26,176), all 26,176 compressors had the same DLC & MC?
In each of the individual 10,000 simulation cases, the "uncertain" variables DLC, MC, and D take on a single value which is fixed for that individual simulation case. The case is _defined_ by each of these variables being fixed for the entire case (across all D units produced in the case). Simulation 1 is only Simulation 1 because of the given 3 variables' values. Were they to differ, they would represent a _different_ Simulation. If you wanted the model to account for a DLC or MC which varied according to Demand (or production quantity) *within* each simulation case, then that would require a new model which included a shifting relationship between production quantity and DLC or MC.
Formula in A27:A34
=IFRROR(SUM($C$27:C28),C28)
Surprise!
If CELL A27 is text, does not perform the sum, it just puts the value of A28,
If CELDA A27 is number, it performs the sum.
....