Week 2

Question 1

What are 2 essential parameters to a random data set?

Answer 1

Numbers should be uniformly distributed between 0 & 1

Subsequent numbers generated should be statistically independent of all previous numbers generated

Question 2

What is Rnd01()

Answer 2

A random number generator in VBA

Question 3

What is the difference between random NUMBER & random VARIABLE

Answer 3

Number - Randomly generated quantity in the unit interval between 0 & 1

Variable - Random generated quantity with a specified statistical distribution

Question 4

Explain excel function RANDBETWEEN()

Answer 4

Returns uniformly distributed integer values between a specified low & high value