RANDBETWEEN( a, b) – generates a random integer between a and b RAND() – generates a random number between 0 and 1 ![]() Worksheet FunctionsĮxcel Function: Excel provides two functions for generating random numbers This approach is commonly called Monte Carlo simulation. Usually, this takes the form of generating a series of random observations (often based on a specific statistical distribution) and then studying the resulting observations using techniques described throughout the rest of this website. ![]() It is often useful to create a model using simulation.
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