Arrange the steps of simulation modeling in the correct order. Question 1 option

Question

Arrange the steps of simulation modeling in the correct order.

Question 1 options:

Build a model assuming the random variable(s) is fixed. Put one of the possible values in the model.

Understand the question.

Model the random variable(s) using the combination of RAND, RANDBETWEEN, IF and/or VLOOKUP.

Run simulation using DATA-TABLE.

Analyze the simulation results

Information

In its most basic form, the game of craps is played as follows. A player rolls two dice and observes the sum of the two sides turned up. If this sum is
• 7 or 11, the player wins immediately
• 2, 3, or 12, the player loses immediately
• Otherwise, if this sum is any other number (4, 5, 6, 8, 9, or 10), that number becomes the player’s "point."

Build an Excel model for the game. The part of the model is shown below.

After running the simulation 10,000 times, answer the questions.

Question 2 (4 points)

E2:=

(There are more than one correct answer. Select all correct ones).

Question 2 options:

=IF(D2=7 OR D2 = 11, 1, 0)

=IF(OR(D2=7,D2 = 11), 1, 0)

=IF(D2=7, 1, IF(D2 = 11, 1, 0))

=IF(D2<7,0,IF(D2<8,1,IF(D2<11,0,IF(D2>11,0,1))))

=IF(D2 > 8, 0, IF(D2 > 6, 1, 0))

Question 3 (4 points)

G2:=

(There are more than one correct answer. Select all correct ones).

Question 3 options:

=1-SUM(E2:F2)

=IF(OR(D2=4, D2=5, D2=6, D2=8, D2=9, D2=10), 1,0)

=IF(OR(D2<4, D2= 7,D2>10), 0, 1)

=IF(D2<4, 0, IF(D2<7, 1, IF(D2<11, 1, 0)))

Question 4 (4 points)

The percentage of win out of 50,000 iterations is ____% (Round your answer to the second decimal place. For example, 12.34).

Your Answer:

Question 5 (4 points)

The percentage of Point out of 50,000 iterations is ____% (Round your answer to the second decimal place. For example, 12.34).

Your Answer:

Build a model assuming the random variable(s) is fixed. Put one of the possible values in the model.

Understand the question.

Model the random variable(s) using the combination of RAND, RANDBETWEEN, IF and/or VLOOKUP.

Run simulation using DATA-TABLE.

Analyze the simulation results

Explanation / Answer

Question 1:

The steps are arranged as below:

1.       Understand the question.

2.       Build a model assuming the random variable(s) is fixed. Put one of the possible values in the model.

3.       Model the random variable(s) using the combination of RAND, RANDBETWEEN, IF and/or VLOOKUP.

4.       Run simulation using DATA-TABLE.

5.       Analyse the simulation results.

Dice 1, X1: {1,2,3,4,5,6}

Dice 2, X2: {1,2,3,4,5,6}

Outcome: X1+X2

Result: IF(X1+X2} = {7,11}, player wins immediately

IF{X1+X2} = {2,3,12}, player loses immediately

IF{X1+X2} = {4,5,6,8,9,10}, number becomes the player’s “point”

Therefore, using the above equations in excel, the model can be built.

Question 2:

By the equation we can clearly say that D2=X1+X2, and E2={1 or 0}, where 1 represents win and 0 loss.

Therefore, seeing the option and syntax according to the excel, below options look fine:

=IF(OR(D2=7,D2 = 11), 1, 0)

=IF(D2=7, 1, IF(D2 = 11, 1, 0))

Question 3:

This is for judging D2=X1+X2, if it is in the set {4,5,6,8,9,10} then it is true {1} else {0}. The below syntax looks fines:

=IF(OR(D2=4, D2=5, D2=6, D2=8, D2=9, D2=10), 1,0)

=IF(OR(D2<4, D2= 7,D2>10), 0, 1)

=IF(D2<4, 0, IF(D2<7, 1, IF(D2<11, 1, 0)))

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.