Lesson 14: Index Variables and Automated Simulation
March 8, 2022
Review:
- Simulation
- Project 2
Presentation:
- Index Variables
- Quantifying a categorical variable
- Pivot tables make it easy
- Demonstrate with PuebloRealEstate_Exam2Data_ByPID
- Demonstrate with Used Car Data
- Automation of Lucky 7 Simulation
- Visualization is an important element
- Patterns
- Participation
- Ease of use
Assignment:
- Replicate the “Lucky 7” simulation with automation
- Experiment with different Payoff Odds values (in cell K2)
- What payoff odds would you suggest the Casino owner use to maximize revenue?
- Simulate Chuck-a-luck where the player rolls 3 dice
- Here are the rules
- Apply the following simplifying assumptions
- If sum of 3 dice >10, player wins the “Big” (1 to 1 odds)
- If the roll is three of a kind, player wins “Any Triple” (30 to 1 odds)
- All other outcomes, player loses the bet
- Don’t worry about the financial component
- Only simulate the game to determine wins and losses