Udemy MOOC / Non-credit 0

Choosing an Appropriate Distribution

About this course

Current @RISK users, both novices and experts, business and financial analysts, economists, statisticians, scientific researchers using @RISK or any other Monte Carlo simulation platform may greatly benefit by taking this course.  Students who also want to be introduced to @RISK as a general simulation methodology will benefit from this course.It is intended to answer the common question modelers have whenever they are building a model: How to choose appropriate distributions for the variables, or “moving parts” of a Monte Carlo simulation model they are attempting to build. The principle of GIGO (“garbage in, garbage out”) applies here dramatically well. Build a model with appropriate distributions that clearly reflect the statistical nature of your variables and you will end up with a robust model to withstand reality testing. Build a model with lousily chosen distributions and your model will be as weak and questionable as any of your input variables.This course starts by introducing a decision tree as a structure to help decide on multiple distributions. The world of statistical distribution functions is endless. @RISK uses some 97 different distribution functions to choose from. And this is not the end of it, since you can create, as we will show, your own distributions.

56/100

CourseAsk score

What the provider tells you: 32/45
Who stands behind it: 8/35
How complete the listing is: 16/20

Scores how much the provider publishes and who stands behind it — not how well it is taught.

What you'll learn

understanding Monte Carlo simulation
choosing appropriate statistical distributions
using decision trees for distribution selection
creating custom distributions in @RISK

Statistics & Probability #business analytics #financial modeling #data modeling #decision trees #risk analysis #statistical distributions #monte carlo #@risk #simulation methodology #custom distributions

Discounted on Udemy

List price $34.99. Udemy runs frequent sales, so the checkout price is usually far lower. We do not receive the live sale price, so we do not guess it — open the course to see today's.

See today's price

You'll be redirected to Udemy to complete enrollment.