Loss$ Total Weight LB $/GT 2009 $74,563.07 127,938.00 0.58 2010 $962,970.22 226,424.00 4.25 2011 $1,773,942.47 295,228.00 6.01 2012 $350,768.36 319,619.00 1.10 2013 $1,056,278.57 395,904.00 2.67 2014 $763,223.54 350,201.00 2.18 2015 $34,895.84 290,466.00 0.12 Total 5,016,642.07 2,005,780.00 2.50
The above data is made up, but its along the lines of what I would like to do. I have the average loss there at 2.5$/LB,using the total data, I would like to run a monte carlo simulation on it to justify more rigorously the 2.5 avg. I was thinking maybe for each year in the Loss/GT, I should do =Normalvalue(2.5,1.9555), where 1.955 is the standard deviation of all the values. After that, run it a few times taking the average. I am not sure if this is the right way to ago about it, but I need to figure out what the actual average should roughly be with confidence if possible. On top of the above idea, I should make the loss column values = LB* Loss/GT since they would change with each iteration.
Anyone know how to do what I want?