A construction company is bidding on a project and has asked you to conduct an EXCEL spreadsheet Monte Carlo simulation to determine an estimate of how long the work will take as part of its bid input. The company also wants to know the risk it is taking not finishing the work on time so they want a range of completion times and the likelihood of completing it within that time period. The work has three jobs that must be completed in sequence. The company has data on how long each job takes. These data are in the associated Arena Input Analyzer data files. Data is in months. The company wants the estimate based on 100 simulation iterations for each job. Perform this Monte Carlo simulation and provide a write-up of your approach and the accompanying EXCEL spreadsheet simulation. Make sure you explain how you conducted your input data analysis.

Just make it with random values of Job times, I can not paste here 5 000 rows. You can leave just a strategy of your approach.

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Answer A Monte Carlo simulation can be developed using Microsoft Excel and a game of dice The Monte ... View the full answer