CASE STUDY: USING SIMULATION AND THREE-ESTIMATE SENSITIVITY ANALYSIS
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USING SIMULATION AND THREE-ESTIMATE SENSITIVITY ANALYSIS
This simulation is left to the learner. The 7-step procedure from Section 19.5 can be applied here. Set up the RNG for the cash flow values of AOC, S, and n for each alternative. For each sample cash flow series, calculate the AW value for each alternative. To obtain a final answer of which alternative is the best, it is recommended that the number of positive and negative AW values be counted as they are generated. Then the alternative with the most positive AW values indicates which one to accept. Of course, due to the RNG generation of AOC, S and n values, this decision may vary from one simulation run to the next.
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