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Oct 13, 2014 12:19 PM
(2132 views)

Hello,

I watched a recent video (Using JMP® to Assess Risk in Financial Predictions by Using Monte Carlo Simulations - YouTube)

At the end of the video a gentleman asked the very question that I had: If you have a LOT of distributions how do I get the results from this window into a table to add rows and thus make a Monte Carlo. I have daily temperature data that I'd like to have a MC done on per day to construct a daily distribution.

I can go about this manually as the video shows - but I know there must be a quicker method.

Any help on this would be most appreciated!

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Solution

Hi wzimmerman,

You can save some time, especially for those distributions with many parameters, but selecting "Save Density Formula" under the Red Triangle for the fitted distribution. This isn't exactly what you want, but gets you much of the way there. For example, selecting this next to "Fitted Normal" saves the following to a formula column:

Normal Density( :height, 62.55, 4.24233849397192 )

This is very close to what you want, so you could go into the formula and replace "Normal Density" with "Random Normal" and delete the reference to the original column, leaving:

Random Normal( 62.55, 4.24233849397192 )

This will work for more complicated distributions. For example, with a Johnson Su, "Save Density Formula" will save:

Johnson Su Density(

:height,

67.8038036468075,

3.96840876806022,

78.5033678146444,

0.0000011762144700618

)

which needs the same change to be the formula you want:

Random Johnson Su(

67.8038036468075,

3.96840876806022,

78.5033678146444,

0.0000011762144700618

)

I hope this helps!

Julian

8 REPLIES

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Oct 15, 2014 11:25 AM
(1852 views)

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Oct 15, 2014 2:03 PM
(1852 views)

You can right click on any report table and choose "Make into Data Table" or "Make Combined Data Table" to get the results into a data table.

I think I need some more details about exactly how you want to do your simulation to help you with how to take that information into the simulation.

-Jeff

-Jeff

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Oct 24, 2014 8:03 AM
(1852 views)

Hi Jeff,

I'm looking to nab the distribution formulas. For example if I open a table and make a formula in a column: Random Normal (x, y) and then add rows I'll end up with a Monte Carlo simulation of sorts as it will pick a random number along the distribution I just specified.

If I could do that or something similar by taking the distribution formulas or results to another table to create a distribution for each day of data.

The video shows the way to do this with few variables and at the end of the video someone from the audience asks - well how do you do this with many variables. The class decides to do this after the lecture and the video ends without answering it...

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Hi wzimmerman,

You can save some time, especially for those distributions with many parameters, but selecting "Save Density Formula" under the Red Triangle for the fitted distribution. This isn't exactly what you want, but gets you much of the way there. For example, selecting this next to "Fitted Normal" saves the following to a formula column:

Normal Density( :height, 62.55, 4.24233849397192 )

This is very close to what you want, so you could go into the formula and replace "Normal Density" with "Random Normal" and delete the reference to the original column, leaving:

Random Normal( 62.55, 4.24233849397192 )

This will work for more complicated distributions. For example, with a Johnson Su, "Save Density Formula" will save:

Johnson Su Density(

:height,

67.8038036468075,

3.96840876806022,

78.5033678146444,

0.0000011762144700618

)

which needs the same change to be the formula you want:

Random Johnson Su(

67.8038036468075,

3.96840876806022,

78.5033678146444,

0.0000011762144700618

)

I hope this helps!

Julian

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Oct 24, 2014 11:09 AM
(1852 views)

Also, if you have several continuous fits (and I'm guessing you will) you can hold down the control key (or command if you're on the mac) before selecting "Save Density Formula" and this will save, at once, all the density formulae in that platform output (this "broadcasts" the command). I suspect you are familiar with this technique, but if not I wanted to make sure you knew since it's a great time saver.

Julian

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Oct 30, 2014 7:51 AM
(1852 views)

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Oct 30, 2014 8:16 AM
(1852 views)

With that many columns it would certainly be a pain to change them all! Through some scripting we might be able to eliminate the bulk of the work, but I agree that it would be helpful to have something in the software already. I'll be happy to submit that feature request on your behalf.

Julian

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Oct 30, 2014 8:18 AM
(1852 views)