I was looking for a ease way of explaining MC Simulation in Excel. This is the greatest that i have ever found. Thank a lot for your analytical and explainable help....thousend thumbs up !!!
I'm trying to improve my analytical skill and your channel is helping me to achieve that goal. I'm so thankful to you for download all these videos. No words to express my sincere appreciation :)
+ExcelIsFun Can you please share the links to the other RUclips videos for #65-#69 videos? Also, how can I find a "directory" of your videos? Thank you.
+Brent COS All Basic Excel Business Analytics videos: ruclips.net/p/PLrRPvpgDmw0mSJCZaqQPFj0eto4qnzkCZ For all 2700 videos I have , please watch the intro video: ruclips.net/video/qjqAJxwhfZY/видео.html
+ExcelIsFun Thank you very much! I have been going through your great videos. Question: Do you take questions outside of RUclips? I am trying to model a new distribution business unit (multiple product categories) and some variables, such as product category, have multiple cost points for a given product category as well as varying sell prices depending on the customer type. I have built my own Excel model with simple matrices but after going through your videos, my model, relative to yours, is not nearly as powerful or insightful! Before I get into any further detail, do you entertain assitance outside of RUclips? Take care.
How do you suggest modeling negative growth using a triangular distribution? There is a likelihood that growth can decline to -3% in a scenario (worst case) with most likely and best case both being positive. Appreciate your guidance on this.
I have not run that distribution before. Here is a link I found that should be helpful: www.drdawnwright.com/easy-excel-inverse-triangular-distribution-for-monte-carlo-simulations/ If you create a good simulation model, you should e-mail it to me so I can check it out @ excelisfun at gmail : )
Nice Tutorial! Since I am using Excel 2003 I downloaded your .xlsx file and converted it to .xls using the "Microsoft Open XML Converter". I ran into some issues with how the "=FREQUENCY(Data Array,Bins)" function works. When I hit CTRL+SHIFT+ENTER, it does enter the function into the active cell but it does not fill it all the way down as in your video. I tried dragging it down using the "Angry Rabbit" but my computer locked up. I found that I have to highlight the cell with the formula and all the cells below it EXCEPT FOR THE LAST CELL; AFTER THE LAST DEFINED BIN. Then I have to hit F2+CTRL+SHIFT+ENTER. This results in the same output you got. From your "Simulation (an)" tab I see that you actually have the {=FREQUENCY(B29:B10028,D39:D50)} formula in that last cell (beside the "4000
Hi Mike Love Monte Carlo method ! I also have a video project on it but haven't had the time to shoot it :) it is not so exstensive as your series ! Merry X'mas and happy holidays :)
Rahul, You could figure this out simply by downloading the provided Excel file from the Excel Is Fun website shown above and examining the cell contents. Nonetheless, the formula is: =IF(ISFORMULA(cell)," "&FORMULATEXT(cell),"") If you see: =IF(_xlfn.ISFORMULA(cell)," "&_xlfn.FORMULATEXT(cell),"") then your version of Excel does not support the Functions. www.excelfunctions.net/excel-isformula-function.html www.excelfunctions.net/excel-formulatext-function.html
Hi, this video is very informative; thank you so much! I have a question though, you mentioned that the probability distribution for the direct labor cost per unit is based on historical data. Assuming there are no available data to use, is there a way to make a probability distribution for DLC by myself? Thanks!
Not a reliable one. How do you do it if there is no historical data for a company? Costs have many different types of distributions, so I guess you would have to research the industry and see what other company's costs have been.
Just guy having fun with Excel : ) Glad the video helps you, Haritha!!!!! Thanks for your support with your comment, thumb up and of course your Sub : )
Let's assume that there is no one can give distribution of purchase prices, Is there a way to calculate "Relative Frequency" in excel by ourself. ? Thank you
Hi Mike, good video! I have some questions. I saw in that the frequency distribution is similar to a uniform distribution, that´s for the uniform distribucion of the cost? The random nomber generated has a uniform distribution? And other question is why we pick an empty spot to create the "Data Table"? The number created have a distribution? Thanks a lot! From Argentina
+Agustin Velazquez , Yes, if you use a single random variable with a particular probability distributions and run a simulation, it should have that distribution. How does Data Table with Empty Cell work? Here: Data Table is a feature that copies many formulas down by substituting in a new input from the column based on a cell that is a formula input into the formula. Because the cell is an "Empty Cell" that is NOT a formula input in the formula being copied, Data Table tries to make a substitution, but it can't, and therefore it just copies formula down. Because it is a randomizing formula, every time it gets copied down a row, it randomizes. If you need to be reminded about how the Data Table feature works, see my earlier videos in this class here: ruclips.net/video/EWJPPUvJ7c8/видео.html and ruclips.net/video/3komnmHvglc/видео.html
Hi Thanks very much. It is a useful & interesting monte carlo simulation. but I cant search for the highline BI 348 class for the subject file u use for demo. Pls instruct me how to get it right. thx Happy holidays & have a wonderful time ! Winnie
+Winnie Ip Click link below video, Ctrl + F (Find) then type "Business Analytics", this will bring you to the correct section. Otherwise, just scroll down through the hundreds of listings and look for Business Analytics section.
I got dizzy watching you thrash all over the screen. Just trying to see where you were. Why in the world did you multiply by 100 then divide by 100? All you had to do was format the decimal place. You made this way too complicated. The only people who could follow you already had a strong understanding of Monte Carlo simulations. You left thousands of newcomers totally bewildered
I was looking for a ease way of explaining MC Simulation in Excel. This is the greatest that i have ever found. Thank a lot for your analytical and explainable help....thousend thumbs up !!!
people like you reminds me "generosity " ❤
OMG, What a wonderfull explanation, Thank you, it absolutely wonderful.
Glad you like it!!!
You're AMAZING! Thanks a LOT for doing this for people! GOD BLESS YOU!
You're an amazing teacher. Thank you.
You're very welcome!
You make this look easy!!! Thank you!!! Plus your skills awesome
You are an awesome teacher! I am loving it!
+Luis Lee Glad you like it!
Very good, engaging explanation and good power tips for Excel!! Well done!
Glad you like it!
I anyways like ALL your videos, this was the pinnacle for me
Thank you for your consistent support. I sepend on Teammates like you to help support. I agree - this Monte Carlo Simulation In Excel is the best : )
Best channel😍✨👍 !!!! It contains every topic that I need to learn :)
Yes, Monte Carlo is one of the more useful and cool things that Excel can do!!! Thanks for your consistent support, Doris : )
I'm trying to improve my analytical skill and your channel is helping me to achieve that goal. I'm so thankful to you for download all these videos. No words to express my sincere appreciation :)
AWESOME! Exactly what I was looking for in monte carlo simulation in Excel for business use. SUBSCRIBED! Thanks much.
+Brent COS I am glad that the video helps!
+ExcelIsFun Can you please share the links to the other RUclips videos for #65-#69 videos? Also, how can I find a "directory" of your videos? Thank you.
+Brent COS
All Basic Excel Business Analytics videos:
ruclips.net/p/PLrRPvpgDmw0mSJCZaqQPFj0eto4qnzkCZ
For all 2700 videos I have , please watch the intro video:
ruclips.net/video/qjqAJxwhfZY/видео.html
+ExcelIsFun Thank you very much! I have been going through your great videos. Question: Do you take questions outside of RUclips? I am trying to model a new distribution business unit (multiple product categories) and some variables, such as product category, have multiple cost points for a given product category as well as varying sell prices depending on the customer type. I have built my own Excel model with simple matrices but after going through your videos, my model, relative to yours, is not nearly as powerful or insightful! Before I get into any further detail, do you entertain assitance outside of RUclips? Take care.
Best Tutorial I've seen so far
+Michael von Alpen Glad you like it!
Thanks Mike. Merry Christmas. I hope Santa is good to Isaac this year.
+krn14242 Merry X-mas to you and your family, WRH!!!!
Awesome training!!! Thanks!
+Jason Lowe Glad you like it!
Thanks!
Thank you very much for the donation : ) It really helps, Vijayrao!!!
You are a gem brother!
How do you suggest modeling negative growth using a triangular distribution? There is a likelihood that growth can decline to -3% in a scenario (worst case) with most likely and best case both being positive. Appreciate your guidance on this.
I have not run that distribution before. Here is a link I found that should be helpful:
www.drdawnwright.com/easy-excel-inverse-triangular-distribution-for-monte-carlo-simulations/
If you create a good simulation model, you should e-mail it to me so I can check it out @ excelisfun at gmail : )
man you are awesome, i learned some tricks, thanks
Marry Cristmas...
Its really enlightening.. Thanks so much...
+Kubilay Tastutar You are welcome! More videos coming out on Simulation soon!!!
Great video! This for sharing!
+Humberto Soto You are welcome!
Nice Tutorial!
Since I am using Excel 2003 I downloaded your .xlsx file and converted it to .xls using the "Microsoft Open XML Converter".
I ran into some issues with how the "=FREQUENCY(Data Array,Bins)" function works.
When I hit CTRL+SHIFT+ENTER, it does enter the function into the active cell but it does not fill it all the way down as in your video.
I tried dragging it down using the "Angry Rabbit" but my computer locked up.
I found that I have to highlight the cell with the formula and all the cells below it EXCEPT FOR THE LAST CELL; AFTER THE LAST DEFINED BIN.
Then I have to hit F2+CTRL+SHIFT+ENTER. This results in the same output you got.
From your "Simulation (an)" tab I see that you actually have the {=FREQUENCY(B29:B10028,D39:D50)} formula in that last cell (beside the "4000
Hi Mike Love Monte Carlo method ! I also have a video project on it but haven't had the time to shoot it :) it is not so exstensive as your series ! Merry X'mas and happy holidays :)
+ExcelStrategy Happy Holidays to You!!!!
You like the Monti-Carlo method! Monte Carlo is a location, Monti and Carlo are two person! Please note.
This guy is good! Thanks!!
Really Informative.
I just want to know How are you getting corresponding formulas in next cell after hitting enter?
Rahul,
You could figure this out simply by downloading the provided
Excel file from the Excel Is Fun website shown above and examining the cell contents.
Nonetheless, the formula is:
=IF(ISFORMULA(cell)," "&FORMULATEXT(cell),"")
If you see:
=IF(_xlfn.ISFORMULA(cell)," "&_xlfn.FORMULATEXT(cell),"")
then your version of Excel does not support the Functions.
www.excelfunctions.net/excel-isformula-function.html
www.excelfunctions.net/excel-formulatext-function.html
Hi, this video is very informative; thank you so much!
I have a question though, you mentioned that the probability distribution for the direct labor cost per unit is based on historical data. Assuming there are no available data to use, is there a way to make a probability distribution for DLC by myself? Thanks!
Not a reliable one. How do you do it if there is no historical data for a company? Costs have many different types of distributions, so I guess you would have to research the industry and see what other company's costs have been.
I now got it. thx a lot
+Winnie Ip , Great!
+Winnie Ip Thanks for clicking Thumbs Up and Subscribing!
Man you are God!
Just guy having fun with Excel : ) Glad the video helps you, Haritha!!!!! Thanks for your support with your comment, thumb up and of course your Sub : )
Fantastic (again).
+gdwfs Glad you like it!
Let's assume that there is no one can give distribution of purchase prices, Is there a way to calculate "Relative Frequency" in excel by ourself. ?
Thank you
epic video Mike !!!
Yes!!!! Simulation is a perfect use for Excel : )
BBBUUUUTTT IIITT WWIIILLLL CCCAAALLLLCCCCUUUULLLLAAATTTEE RRRRREEEEEAAAALLLLLYYYY SSSSLLLLOOOOWWWWLLLLYYY!!!
ROTFL
!You're the best teacher EEEVVVVVERRRRRR
I am glad that you are having fun with the videos AND that you have your picture of you as a smiling guy having fun with Excel : )
Thanks, Mike!
I really appreciate your work.
Ibrahim (www.linkedin.com/in/ibrahimakomar/)
Hi Mike, good video! I have some questions. I saw in that the frequency distribution is similar to a uniform distribution, that´s for the uniform distribucion of the cost? The random nomber generated has a uniform distribution?
And other question is why we pick an empty spot to create the "Data Table"? The number created have a distribution?
Thanks a lot! From Argentina
+Agustin Velazquez , Yes, if you use a single random variable with a particular probability distributions and run a simulation, it should have that distribution.
How does Data Table with Empty Cell work? Here:
Data Table is a feature that copies many formulas down by substituting in a new input from the column based on a cell that is a formula input into the formula. Because the cell is an "Empty Cell" that is NOT a formula input in the formula being copied, Data Table tries to make a substitution, but it can't, and therefore it just copies formula down. Because it is a randomizing formula, every time it gets copied down a row, it randomizes. If you need to be reminded about how the Data Table feature works, see my earlier videos in this class here:
ruclips.net/video/EWJPPUvJ7c8/видео.html
and
ruclips.net/video/3komnmHvglc/видео.html
+ExcelIsFun excelent! Thanks!
Hi Thanks very much. It is a useful & interesting monte carlo simulation. but I cant search for the highline BI 348 class for the subject file u use for demo. Pls instruct me how to get it right. thx
Happy holidays & have a wonderful time !
Winnie
+Winnie Ip Click link below video, Ctrl + F (Find) then type "Business Analytics", this will bring you to the correct section. Otherwise, just scroll down through the hundreds of listings and look for Business Analytics section.
Thanks
Thanx ,Great
+Mohammed Suleiman You are welcome!
thanks!
+maxwellkfma You are welcome!
Why do you write "Monte" in the video name when it is Monti-Carlo ?
Because I am human and make mistakes.
I got dizzy watching you thrash all over the screen. Just trying to see where you were. Why in the world did you multiply by 100 then divide by 100? All you had to do was format the decimal place.
You made this way too complicated. The only people who could follow you already had a strong understanding of Monte Carlo simulations. You left thousands of newcomers totally bewildered