@Risk question

haminh

New Member
Joined
Jun 27, 2007
Messages
13
Hello all,

I just learned about @Risk and I have a question about it. I have 6 possible values for the number of guest want to reserve the room. I would like to make a decision on how many rooms I want to reserve based on the total cost. I ran the simulation and came up with 2 numbers, one has lowest average cost, the other has lowest standard deviation. Which one should I use in this case?

It would be very nice if you could help me with this question. Thanks in advance

Cheers,
 

Excel Facts

Difference between two dates
Secret function! Use =DATEDIF(A2,B2,"Y")&" years"&=DATEDIF(A2,B2,"YM")&" months"&=DATEDIF(A2,B2,"MD")&" days"

mortgageman

Well-known Member
Joined
Jun 30, 2005
Messages
2,015
Hello all,

I just learned about @Risk and I have a question about it. I have 6 possible values for the number of guest want to reserve the room. I would like to make a decision on how many rooms I want to reserve based on the total cost. I ran the simulation and came up with 2 numbers, one has lowest average cost, the other has lowest standard deviation. Which one should I use in this case?

It would be very nice if you could help me with this question. Thanks in advance

Cheers,

You may want to ask the people who (presumably) sold you @risk. Here is their website:


http://www.palisade.com/risk/default.asp
 

Giordano Bruno

Well-known Member
Joined
Jan 7, 2007
Messages
1,255
Hi haminh.

I use @RISK, but not for this sort of application. If you are looking for the best option based on the cost, I would think that you should be looking at the cost, not the standard deviation.
 
Master Excel Bundle

Excel contains over 450 functions, with more added every year. That’s a huge number, so where should you start? Right here with this bundle.

Forum statistics

Threads
1,163,861
Messages
5,834,032
Members
430,256
Latest member
Todor T

We've detected that you are using an adblocker.

We have a great community of people providing Excel help here, but the hosting costs are enormous. You can help keep this site running by allowing ads on MrExcel.com.
Allow Ads at MrExcel

Which adblocker are you using?

Disable AdBlock

Follow these easy steps to disable AdBlock

1)Click on the icon in the browser’s toolbar.
2)Click on the icon in the browser’s toolbar.
2)Click on the "Pause on this site" option.
Go back

Disable AdBlock Plus

Follow these easy steps to disable AdBlock Plus

1)Click on the icon in the browser’s toolbar.
2)Click on the toggle to disable it for "mrexcel.com".
Go back

Disable uBlock Origin

Follow these easy steps to disable uBlock Origin

1)Click on the icon in the browser’s toolbar.
2)Click on the "Power" button.
3)Click on the "Refresh" button.
Go back

Disable uBlock

Follow these easy steps to disable uBlock

1)Click on the icon in the browser’s toolbar.
2)Click on the "Power" button.
3)Click on the "Refresh" button.
Go back
Top