Monte carlo simulation | Business & Finance homework help

These values are the minimum, maximum and mean, as well as standard deviation, from the simulation. They are respectively 0, 2, 000, 1,000, and 288.57. A minimum value refers to the lowest possible point in a range of values. The maximum is the highest figure such value that can be reached.

The mean is calculated by adding each individual number together before dividing this sum by total amount of entries – in this case 2000 – thus resulting in 1,000 when rounded off appropriately. Finally, the standard deviation indicates how wide these data points are distributed and gives an indication of how accurate it is.

These terms allow individuals to understand the results of simulations and make informed decisions that will help them in the future. It gives project participants more insight and provides reliable information to help them attain their goals.