I am running a scenario that results in 1 of 7 possible outcomes.
The 7 outcomes are not equally likely to occur, but each iteration of the scenario has exactly the same chance for each of the 7 outcomes as the previous iterations did, so they are constant.
The goal is to estimate what the chances of these 7 outcomes are. Each iteration of the scenario takes about 5-10 seconds to run and record, MANUALLY, there is no workaround for that constraint. So it goes without saying that I need to determine how many times I need to run this scenario in order to have a statistically accurate result. I'd like each outcome to be statistically accurate within a span of about half a percentage at the very least. How many iterations would I need to achieve this, and how is it calculated?
I did 300 iterations for starters, with the following results:
+==================+============+=============+
| Outcome | Occurences | % occurence |
+==================+============+=============+
| 0 | 28 | 9,33% |
+------------------+------------+-------------+
| 1 | 64 | 21,33% |
+------------------+------------+-------------+
| 2 | 43 | 14,33% |
+------------------+------------+-------------+
| 3 | 35 | 11,67% |
+------------------+------------+-------------+
| 4 | 73 | 24,33% |
+------------------+------------+-------------+
| 5 | 44 | 14,67% |
+------------------+------------+-------------+
| 6 | 13 | 4,33% |
+------------------+------------+-------------+
| Total occurences | 300 | |
+------------------+------------+-------------+