Part 2. MM4XL Tools > 1. Strategic Tools > Risk Analyst > 4. Functions > 3. Distribution Functions > mmUNIFORM(Lower, Upper)

Risk Analyst

mmUNIFORM(Lower, Upper)

Example

=mmUNIFORM(-1, 1) can equal -0.073249459.

Application

Also called Rectangular Continuous distribution, this is the distribution of choice when dealing with a variable bounded by a known minimum and maximum value, and all values in between have equal likelihood. It is used to model events such as the defective items in a lot, the generation of random numbers, the estimation of a competitors bid, and more. It becomes very useful when we have an idea of the range of the variable and no clue about its most likely value.

How to use

Say we are modeling the financial sheet of a new store, and we are wondering about the price of a series of products. In the area surrounding the new store one of the items in our list is sold for a minimum price of $4.80 and a maximum of $9.50. We know our price will be in this range too, but we are unsure about the actual final price. The formula below can help to model this instance:

=mmUNIFORM(5.80, 9.50)

Technical profile

Type Continuous distribution.
Syntax =mmUNIFORM(Lower, Upper)
Domain Lower <= RndNum <= Upper
Mode Undefined.
Parameters Lower = lower limit of the range
Upper = upper limit of the range
Remarks If any argument is nonnumeric mmUNIFORM returns the #VALUE! error value.
Relationships None.
Graphs
mmUNIFORM(-1, 1) mmUNIFORM(10, 100)
 Monte Carlo Simulation Software: Management Process Risk Analysis  Monte Carlo Simulation Software: Management Process Risk Analysis
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