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JOURNAL OF STRATEGIC INNOVATION AND SUSTAINABILITY
Introduction to Problem Solving Using a Monte Carlo Spreadsheet Simulation
Author(s): David Greenburg, Dimitra Michalaka, James Righter
Citation: David Greenburg, Dimitra Michalaka, James Righter, (2021) "Introduction to Problem Solving Using a Monte Carlo Spreadsheet Simulation," Journal of Strategic Innovation and Sustainability, Vol. 16, Iss. 2, pp. 158-162
Article Type: Research paper
Publisher: North American Business Press
Abstract:
At The Citadel, data collection, analysis, and problem solving is taught as part of the technical project management course for junior and senior engineering students. Many real world problems have such a broad scope or are so complicated that they resist a purely analytical solution. One technique for analyzing these complex problems is simulation. This paper describes the efforts to introduce students to spreadsheet-based Monte Carlo simulation modeling to support problem solving. Students can master spread-sheet-based simulation especially easily, and can expand their skill set by being taught to use real world data sets. The instruction introduces students to spreadsheet modeling with excel software and the fundamental aspects of data collection, analysis, and simulation modeling. The instruction aims to provide students with modeling skills to support problem solving. Students can master spread-sheet-based Monte Carlo simulation, and can expand their skill set by doing so. This paper describes the use of spreadsheet-based Monte Carlo simulation and briefly explores the underlying methodology using Excel to support the instruction.
