Question: 4 Suppose a simulation uses the cumulative probability table below. What event corresponds to the random number 0.4588? Event Probability Cumulative 0.4 0.4 N 0.1

4 Suppose a simulation uses the cumulative probability table below. What event corresponds to the random number 0.4588? Event Probability Cumulative 0.4 0.4 N 0.1 0.5 3 0.4 0.9 4 0,1 1.0 Event 1 Event 2 O Event 3 O Event 4 QUESTION 5 Why does the VLOOKUP function in Excel work well for buidling simulation models? The function can be set so that it does not need to find an exact match for the lookup value. The function includes the possibility to generate a random number. When the function is combined with a data table, fewer simulation repetitions are needed. The function can be applied to very large tables

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