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Simulation requires probabilities of estimates subject to risk to be known
The following statement is given as trueDear sir,
Can you pls explain what does this statement mean?
Thanks a lotHave you watched my free lectures on investment appraisal under uncertainty?
Simulation is calculating the probabilities of all possible outcomes when there are several variables involved. To do this we need to know the probabilities for each of the separate variables.
The lectures are a complete free course for Paper FM and cover everything needed to be able to pass the exam well.
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