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You can generate correlated random variables easily with a Cholesky (pronounce “koleski”) decomposition. I present a simple example here. For the better Iman Conover approach look here, please.
Helpful links are:Anton Theunissen: BUS 864 Computing Notes - Here I got a simple VBA code from (see below my slightly changed version)Martin Haugh: The Monte Carlo Framework, Examples from Finance and Generating Correlated Random Variables - Nice theory and a Matlab © exampleTeam Latte: All about the Cholesky Matrix - Nice explanation and why it's "preferrable" to eigenvalues (I do not necessarily agree)Michael H. Press: Numerical Recipes - Use algorithms tred2 and tqli if you need to treat the matter more seriously
If you are interested in downloading a 1.586 MB Excel 2010 sample file go to my Download page, please.