Randomly selecting items from a list given their statistical likelihood

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From: MACRE0 (MACRE0.1cwfsm_at_excelforum-nospam.com)
Date: 09/20/04 

Date: Mon, 20 Sep 2004 15:31:19 -0500

Mike,

Thanks for the reply and for the addins. I would like to simply use
probabilies from which to randomly select from, so the RANDDISCRETE
function you spoke of seems like what I'm looking for. Could you
however explain how to use it? I have as you discribe 2 adjacent
columns, the first with the name of a product and in the second the
percentage out of 100% that it occured (A1:B62). I only get #Value
answers when I attempt to use the formula (ie =RANDDISCRETE(A1:B62) or
=RANDDISCRETE(A1:A62,B1:B62). I just don't know how to use it.

I will attept to further clarify my situation.
The problem I am endevering to solve is whether I can be 95% confident
that the quanities of inventory I would allot to a specific loctaion
would be sufficent for an X orders per month site given a certain
replenishment rate (5 days). I figured I would randomly select 6 items
based on their statistical likelihood (figure in overlap- multiple
orders within a 5 day span) and determine what percentage of inventory
usage I failed to account for. This would be done 10,000 times. I
would then adjust inventory levels until my inventory matrix
consitantly passed the 95% fullfillment levels.

I simply do not want to create individual lists of inventory based upon
their respective use levels ( (the % for this one site)* 10,000). What
I'm trying to say is that Site 1 uses 5.00% of Product A while Site 2
only averages 3.50% I don't wish to make a list for Site 1 with 500 of
Product A in it then put a randon number next to it, take take the
maximum of the random numbers to determine which Product was randomly
selected. Then doing the same for Site 2. This is the solution I am
trying to avoid using. If instead your RANDDISCRETE function only
requires the percentage for each and then selects from there that would
be wonderful. I expect then I could have 6 of those and then see how my
matrix fairs.

Hope that's clearer.
Thanks again. 

-- 
MACRE0
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