The first step of Monte Carlo simulation in this example is to come up with a measure of uncertainty for each uncertain factor underlying the decision-making process. In the office-deadline scenario, the uncertain factors are the completion times of the two reports.
Conditions: There must be identifiable uncertain factors in the decision problem.; This is the first step as stated in the video; later steps are not covered in this clip.
The first step of Monte Carlo simulation in this example is to come up with a measure of uncertainty for each uncertain factor underlying the decision-making process. In the office-deadline scenario, the uncertain factors are the completion times of the two reports.
Conditions: There must be identifiable uncertain factors in the decision problem.; This is the first step as stated in the video; later steps are not covered in this clip.