Posted: March 8th, 2023
The most challenging part of setting up a simulation in Excel is understanding the underlying assumptions and parameters. A simulation is essentially a mathematical model of a real-world system or process, and as such requires an accurate representation of that system’s behavior. This means that in order to accurately simulate something, one must understand not only the system itself, but also all the assumptions and parameters which govern its behavior.
Moreover, once one has identified all the relevant parameters and assumptions needed for their simulation they still need to figure out how exactly they should go about implementing them into their Excel model so that it correctly captures reality while also remaining computationally efficient enough to run on a reasonable timescale (this usually involves making certain simplifying assumptions or using certain approximations). All this requires deep technical knowledge combined with a thorough understanding of the subject matter at hand -which makes this type of modeling extremely challenging even for experienced professionals.
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