The Monte Carlo method is a stochastic (random sampling of inputs) used to solve a statistical problem, providing a simulation or virtual representation the problem. When using this Chart Type you are able to obtain a distribution (array) of results, for any statistical problem with numerous inputs sampled over and over again. From this, the probability of events occurring at a given value can be estimated - this type of Chart is usually associated with Financials.
Configuration of Monte Carlo Scenario
To generate a Monte Carlo Scenario, you first need to be in the 'Reports' section where you will then be able to click 'Add Report' in at least one of the highlighted locations below.
By clicking the button it should bring you onto a report selection page where you are shown various reports and some information about them. To choose a 'Monte Carlo Scenario' find the card containing the 'Monte Carlo' chart then click on 'Create'. Alternatively, you can find it by searching and selecting 'Monte Carlo' on 'Filter Types'.
Consequently, this presents you with the Report configuration options below:
Title: The title is the reference to the Report that will appear in the App for the users. It will appear in the left pane menu for the and also in the breadcrumb (header bar) at the top of the page which tells the user where they are on the site.
Sub Title: The subtitle is a banner that appears at the top of the screen beneath the title that allows you to give a short description the report, this can be useful for keys and user audience.
Identifier: This should reflect the label. The identifier is a system ID for referencing a Report. This ID must be unique per Report and must contain only letters and numbers starting with a letter. It must also be a minimum of three characters.
- Chart - Has to be selected for Monte Carlo
Group: The Report Group is used if you need to group reports together. A Report Group will appear on the left pane, and once clicked, show the Reports in it below. They are collapsed when the App is first launched, and expandable as required.
Note: Report Groups will always display below non-grouped Reports.
Is Default: The default Report is the Report that the user will be directed to the first time that they open the App. If no default has been set then the user will be navigated to the Report with the lowest display order.
Note: Once a user navigates to a different Report, this preference will override the default option the next time they view the App if they haven't logged out in-between.
Is Hidden: This will hide the report from all users. It is commonly used whilst a Report is being reconfigured or if a Report needs to be removed temporarily to be reinstated at a later date.
Background Image URI: This option allows you to have an image behind the Chart by entering its URI. This can be useful when indicating zones within the chart or simply for more tailored branding.
Chart Type: Choose from over 15 Chart Types - Here you will need to select 'montecarlo'.
In-App Data Source Field: Some chart types can be created from Grid Field data to produce In-App Charts To select the Grid Field that the data will come from you can choose this as the In-App Data Source Field.
Base Filter: If the report is to always show a subset of Records, then the Base Filter can be used to apply a permanent Filter to the report. This Filter is always applied, and then user-defined filters and searches are compounded on top when the report is being used - For more about configuring base filters click here
Target Click-Through Report - Although redundant here...
With 'Target Click-Through', you can select a List Report for the user to drill down into to display more information about the Records that meet the criteria for that Matrix cell. It will apply the appropriate filters to that List Report to only show the relevant records. This can make an effective navigation tool for the App. This is only relevant when a count is being used in the check.
Monte Carlo Type: What distribution shape are you after? A Bell or an S-Curve?
Iterations: How many sets of samples (iterations) from the Field Probability Distributions, (Best, Expected, Worst,) do you want to use in the simulation?
Chart Fields - Click the 'Add Chart Field' button to open the pane below and select the data (Fields) you want to use.
- Label: The Label is the reference to the Report that will appear in the App for the users. It will appear in the left pane menu for the and also in the breadcrumb (header bar) at the top of the page which tells the user where they are on the site.
Likely to be financially based, the below values in a deal scenario could be Lowest, Expected and Highest Deal Value Fields:
- Best Case Field: What is the highest somewhat probable value in the scenario.
- Expected Case Field: What is the most probable value?
- Worst Case Field: What is the lowest somewhat probable value in the scenario.
Tool Tip Decimals: To how many decimal places do you want the displayed values to be?
Once you have finished configuring, don't forget to click 'Create Report' to save any changes.
Similar to how app visibility works this can be set to hide your reports from certain users or teams, this can be great for hiding reports from certain teams or guests, for example, if you have employee-based performance reports that you only want management to see so you set it so just that team can see it.