Using Excel to Deal with Uncertainty in Managerial Decision Making
No Thumbnail Available
Authors
Adel M Novin
Kate Cotter-Reilly
Issue Date
Type
Journal Article, Professional Journal
Language
Keywords
Alternative Title
Abstract
In the business world, the possible values of an uncertain variable normally cluster around the expected mean and fall off smoothly on either side of it, resembling a normal distribution. This once challenging process to generate random numbers from a normal distribution for simulation purposes required different lines of code and programming, a tedious task at best. But today Excel and readily available online probability computation tools have made simulation rather easy. This article shows how to use these tools to better deal with uncertainty in managerial decision making.