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Starting Simulation in Excel


Steps for Starting Simulation in Excel


1. Generating randomness

In simulation most important work is to generate random ness. You can use inbuilt rand()function for the same. When you enter the formula =RAND() in a cell, you get a number that is equally likely to assume any value between 0 and 1. Thus, around 25 percent of the time, you should get a number less than or equal to .25; around 10 percent of the time you should get a number that is at least .90, and so on

2. In order to conduct discrete simulation you need to use values of a discrete random variable.

3. Excel's VLOOKUP function stands for vertical lookup helps to find specific information in large data tables such as an inventory list of parts or a large membership contact list.

Enter the data in the cells. Let the first column of data contains the part names (say B ) and the second column (column C) contains the price of each part.


Vlookup can be used

1.Click on cell B1 and type the title lets say Part Name.

2. Click on cell C1 and type the title Price.

Click on cell C2 - the location where the results

Click on the Formulas tab.

Choose Lookup & Reference from the ribbon to open the function drop down list. Just click on VLOOKUP in the list to bring up the function's dialog box. As you enter data into the four blank rows of the dialog box which will form the arguments for the VLOOKUP function. These arguments tell the function about the information we need and where it we are after and where it should be searched.
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