Monte-Carlo Modeling

The Need for Speed 2019 study compares Excel Add-in based modeling using @RISK and Crystal Ball to programming environments such as R and Julia. All 3 aspects of speed are covered [time-to-solution, time-to-answer and processing speed] in addition to accuracy and precision.<br />

Business analytics stratifies into three levels of inquiry and findings beginning with <em>descriptive,</em> followed by <em>predictive,</em> and finally <em>prescriptive</em> methods as follows:

<p><span style="font-family: arial;">When building models we are often confronted with assumptions that evolve over time. In most cases it is important to capture these changes to keep our model relevant. Over the last decade, Business Intelligence solutions have created a culture of self-service IS information.  Given this democratization and decentralized access to data has created many opportunities and pitfalls for business analysts and decision-makers. We are going to ou

<p>Prof Frank H Knight (1921) proposed that "risk" is randomness with knowable probabilities, and "uncertainty" is randomness with unknowable probabilities. However, risk and uncertainty both share features with randomness. The illustration below explains the relationship of the concepts better than words...</p> <div style="clear: both; text-align: center;" class="separator"><a href="http://2.bp.blogspot.com/_cQns-qO1Pks/TARiZDGHZAI/AAAAAAAAAmg/d-L4QV7jInk/s1600/uncertainty.j