Interpreting Monte Caro simulation results
Your team is analyzing project costs for an upcoming initiative. To account for uncertainties, you use a Monte Carlo simulation to predict a range of possible outcomes. The initial estimated cost for the project was $40,000, and the simulation results are visualized in the histogram.
Based on the Monte Carlo simulation results, how does the initial estimated cost compare to the likely project costs?
This exercise is part of the course
Advanced Probability: Uncertainty in Data
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