Create a Monte Carlo Simulation in Excel. The objective is based on business related activity. The simulation should have revenue, production, payroll, and expenses. You can look up company ranges for this information. You will run the Monte Carlo Simulation 10,000 times.
Criteria is as follows:
Revenue Production Payroll Expenses
Mean 200 100 60 45
Std Dev. 24 14 13 12
*Note* You will need to simulate the revenue, production, payroll, and expenses at random to find the net profit. The net profit is how the simulation will be run.
1. You will need to discuss the objective that you are seeking and why?
2. What is the probability that the net profit is greater or equal to zero? Explain
3. What is the minimum, maximum, mean, and std deviation from the simulation?
4. Finally, what was challenging about running the simulation and how can this impact the business you have or currently work for?
Need peer-reviewed citations and detailed explanations. Need introduction and conclusion as well. Please provide Excel file as well with the report.