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What's New in @RISK 5.0
@RISK for design optimization within DFSS-based product development
» Risk and Decision Assessment Training using @RISK, Part I
» Risk and Decision Assessment Training using @RISK, Part II
@RISK 5.0.1 is Now Available
All @RISK 5.0 users with current maintenance plans are entitled to this update, and all copies of the DecisionTools Suite 5.0 include @RISK 5.0.1.
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Application Integration for Graphical Solution Report
@RISK for design optimization within DFSS-based
Project Finance Advanced Modeling with Excel and @RISK 5.0 -
A recent project focusing on sub-sea equipment for the oil and gas industry at Cranfield University provided evidence to business managers that a better return on investment (ROI) is achieved through enhancing a product's longterm reliability as a result of spending time and resources early in the product design lifecycle.
Cranfield's School of Applied Sciences uses @RISK software to calculate the likelihood of sub-sea oil and gas production equipment failing, and the overall cost throughout the project life cycle, should it do so. Sub-sea oil and gas equipment can be required to function in excess of 2000m below sea level. This means that the failure of any product, or product component, has huge ramifications. @RISK enables Cranfield to integrate the critical elements of the two core risk analysis techniques commonly used in the engineering field, RAM (Reliability, Availability, Maintainability) and Lifecycle Costing analysis (LCC).
Oil & Gas:
Value at Risk (VAR) using @RISK Goal Seek
The release of @RISK 5.0 has spurred tremendous response from our users. Every day customers ask us, “What’s new in @RISK 5.0?” To help answer this question, this series highlights key new features in @RISK 5.0. You can always see a complete list of new features, including short 30-second movies, here:
Browse Graphs with Tab Key
The PERT distribution (meaning Program Evaluation and Review Technique) is rather like a Triangular distribution in that it has the same set of three parameters: minimum value, most likely value, and maximum value. Technically it is a special case of a scaled Beta (or BetaGeneral) distribution. In this sense it can be used as a pragmatic and readily understandable distribution. It can generally be considered as superior to the Triangular distribution when the parameters result in a skewed distribution, as the smooth shape of the curve places less emphasis in the direction of skew. As for the Triangular distribution, the PERT distribution is bounded on both sides, and hence may not be adequate for some modeling purposes where it is desired to capture tail or extreme events.
RiskPert(minimum, most likely, maximum) specifies a PERT distribution (as special form of the beta distribution) with a minimum and maximum value as specified. The shape parameter is calculated from the defined most likely value.
RiskPert(0,2,10) specifies a beta distribution with a minimum of 0, a maximum of 10, and a most likely value of 2.
RiskPert(A1,A2,A3) specifies a PERT distribution with a minimum value taken from cell A1, a maximum value taken from cell A3, and a most likely value taken from cell A2.
Using data from students in an executive training course, a neural network analysis was applied to the important mental activity of “updating” memory.
Decision trees improve the classification and diagnosis of pancreatic cancer by reducing the number of dimensions in data on this cancer.
Monte Carlo statistical simulations guide designers in creating chips that will work properly even when their transistors vary as much as three standard variations from production mean.
Researchers from UQ's Centre for Applied Environmental Decision Analysis found that incorporating information from local fishermen in optimization models resulted in improved design of marine reserves.
To detect invasive species, particularly insects, before they enter the country, an engineering professor at York University developed a computational bioacoustics system that incorporates neural networks.
A recent report recommends that businesses use advanced analytics, such as neural networks, to detect patterns of fraud by employees.
One firm that helps corporations balance energy supply and cost builds @RISK 5.0 into its custom applications.
Researching ways to create a “semantic web” that understands the meanings of words better than a search engines, scientists are harnessing neural network analysis to MRI images of the brain.
One commentator uses Monte Carlo simulation to put a decade of low returns into perspective.
Virginia Commonwealth University is using video tutorials in a mathematical modeling course. One of the stars of these videos is Palisade’s PrecisionTree.
Public health consultants used a decision analysis model to compare the cost-effectiveness of four difference strategies to screen travelers for tuberculosis when they are bound for high-incidence countries.
NIH researchers used Monte Carlo simulation to identify genetic structures that predicted difficulty quitting smoking.
Monte Carlo simulation boosts the power of storm prediction to insulate businesses from storm-related oil price surges.
The Palisade User Forums are online discussion boards where users are invited to post questions and share ideas on their use of @RISK and other Palisade software. It’s also a great place to check for announcements regarding updates of Palisade software. Forums are organized by products.
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