A normal distribution has a limited range and can be skewed in either direction.
Use the information below to answer the following question(s).
Below is a spreadsheet for a hotel overbooking model.
Assume that each reservation has a constant probability p = 0.04 of being cancelled.Answer the question(s)using the Risk Solver Platform.
-Which of the following cells is defined as an output cell?
Uniform or triangular distributions are used in the absence of data.
As Monte Carlo simulation is essentially statistical sampling, the larger the number of trials used, the more precise is the result.