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ERIC Number: EJ1137827
Record Type: Journal
Publication Date: 2017
Pages: 16
Abstractor: As Provided
ISSN: ISSN-1942-2504
Statistical Analysis of a Class: Monte Carlo and Multiple Imputation Spreadsheet Methods for Estimation and Extrapolation
Fish, Laurel J.; Halcoussis, Dennis; Phillips, G. Michael
American Journal of Business Education, v10 n2 p81-96 2017
The Monte Carlo method and related multiple imputation methods are traditionally used in math, physics and science to estimate and analyze data and are now becoming standard tools in analyzing business and financial problems. However, few sources explain the application of the Monte Carlo method for individuals and business professionals who are not immersed in the realm of mathematics or science. This paper introduces these Monte Carlo methods for the non-mathematician and business student, providing examples where the Monte Carlo method is applied when only small samples are available. Statistical analysis and statistically sound extrapolation of sample characteristics to the larger class population can be facilitated by applying Monte Carlo methods and the related concept of multiple imputation, which is also explained. Appendices provide step-by-step instructions for using two popular spreadsheet add-ins to run Monte Carlo based analysis.
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Publication Type: Journal Articles; Reports - Descriptive
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A