Prescriptive Analytics by Jeffrey M. Keisler

Author:Jeffrey M. Keisler
Language: eng
Format: epub
ISBN: 9783031593536
Publisher: Springer Nature Switzerland

The same technique for entering minimum and maximum values is used for the other variables. For Fixed_cost, cell F4 contains 400 (the minimum of the desired range of values) and cell G4 contains 600 (the maximum). But instead of using a formula with RANDBETWEEN as in cell E3, to get a continuous uniform distribution we must use a different formula in cell E4 that will transform the output of RAND() between 0 and 1 to a value between 400 and 600 (Fig. 6.16). The formula =RAND()*(G4-F4)+F4 calculates the width of the desired range, G4-F4 = 600 − 400 = 200, and it calculates the starting point of the desired range, F4 = 400, so with the input values shown in F4 and G4, the formula is equivalent to =RAND*200+400 as discussed above. Again, because the formula in E4 refers to cells F4 and G4 where we enter minimum and maximum values, we can modify the range by entering new numbers in those cells, instead of having to modify the formula in E4.

Fig. 6.16Generating customized uniform probability distributions (formulas). © Jeffrey M Keisler 2024. All rights reserved

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