Assignment: Statistics for Business
1. What is a Monte Carlo Simulation used for?
2. In what fields is the Monte Carlo simulation used?
3. Who or what/why is the Monte Carlo simulation named after?
4. The Monte Carlo Simulation is also referred to as multiple probability simulation. True or false?
5. The Monte Carlo Simulation is technique used to understand the impact of the risk and uncertainty in prediction and forecasting. True or false?
6. Explain how a Monte carlo Simulation model can help you determine your optimal production capacity. Provide an example based on your business (I will provide on chat about my business) 250 words.
Format your assignment according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.