Answer to Question #20055 in Statistics and Probability for Natasha

Question

what are the steps to solving a simulations problem using excel?

Answer 1

There are several steps that need to be completed in order to solve simulations& using excel
1. To identify variables (dependent and independent)
2. Understand what other factors should be taken into consideration (dummy variables)
3. Identify which Excel function can be used to evaluate and solve simulation
4. To run Excel function identifying variables
5. Interpret outcome.