Palisade Corporation
Grad Students at IE Business School in Spain use @RISK to Simulate Catastrophe

From Railway Efficiency to Fire Safety,
Glasgow Students use @RISK to Tackle
Real-Life Challenges

Network Rail, which operates Britain’s railway infrastructure, is focused on efficiency. On its web site, the company notes that since 2002, it has reduced delay minutes from 14.72 million per year to 7.4 million.

So, when Glasgow Caledonian University Prof. John Houston was looking to show his Risk Management students the power of @RISK software, he turned to a real-life problem facing Network Rail – the demolition of redundant coal sheds and signal boxes on the east coast of Scotland.

“Without @RISK, this kind of analysis just could not have been contemplated by the students,” says Prof. Houston, who has been teaching graduate and undergraduate students in the Glasgow School for Business & Society for more than 25 years.

The Network Rail lesson was a natural fit as Prof. Houston had first encountered @RISK during a visit to the offices of the rail operator, which employs several of his school’s graduates.

“We were keen to restore quantitative methods back into the existing undergraduate program and to embed it in the new graduate degree from the outset,” Prof. Houston says. “For several years, we have used the Excel spreadsheet. Given @RISK’s direct integration into Excel, it was an ideal means by which to incorporate risk analysis methods into the undergraduate and graduate programs.”

In fact, students have found @RISK software so easy-to-use, they are applying it to their own professional lives. One postgraduate student works for a Fire Authority in Scotland, and plans to use @RISK in his workplace for his dissertation. The project will model expected reduction in deaths and injuries due to fires following a wave of fire safety visits to “vulnerable” homes.

“Students have already appreciated the value of their Modeling Courses, even those who have found it challenging,” Prof. Houston adds.

@RISK  Without @RISK, this kind of analysis just
      could not have been contemplated by the
      students.  Trial Versions

                             - John Houston, Glasgow Caledonian University

Recent School Adoptions

Over 60,000 students use the DecisionTools Suite annually in their MBA and graduate level programs. In 2010, over 800 universities worldwide adopted the DecisionTools Suite. Professors in business, engineering, OR, and other fields keep their students on the cutting edge by teaching the latest analytical techniques from Palisade. Some major schools with programs and courses that standardized on the DecisionTools Suite last month include:

US and Canada:

  Brigham Young University
Bryant University
Case Western Reserve University
Cornell University
Duke University
East Carolina University
New Mexico State University
Northern Arizona University
Oregon State University
Purdue University
Stevens Institute of Technology
University of Alabama in Huntsville
University of Alberta
University of Denver
University of Houston- Clear Lake
University of New Mexico
University of Tulsa
University of Waterloo
Vanderbilt University
Virginia Commonwealth University
Washington State University
Western Washington University
Xavier University


International:

  Freie Universitaet Berlin
Hogeschool Rotterdam
Instituto Educativo del Noroeste A.C.
Instituto Tecnologico y De Estudios Superiores de Monterrey
Koc University
Lund University
Queensland University of Technology
Technical University of Denmark
The Kuehne Logistics University
Universidad Argentina de la Empresa
Universidad Iberoamericana Ciudad de Mexico
Universidad Politecnica de Madrid
Universiteit Gent
University of Teesside
University of Westminster

Licensing Options

There are three easy ways to get the DecisionTools Suite for your students:

 

Course Licenses available from Palisade. These are economical, annually renewing bulk licenses for both
network lab and laptop installation.
» Learn more

Student Versions from Palisade. These are 12-month versions available for purchase individually by students through either the Palisade web site or the school store.
» Learn more

Textbook Editions available bundled with textbooks.
These are time- and model-limited licenses.
» Learn more

Get DecisionTools Suite 5.7 for your course by contacting:

AddressPalisade Academic Sales    
800-432-7475 / 607-277-8000
academic@palisade.com

@RISK Given @RISK’s direct integration into
      Excel, it was an ideal means by which
      to incorporate risk analysis methods
      into the undergraduate and graduate
      programs. Trial Versions

                       - John Houston, Glasgow Caledonian University

Teaching Tips & Examples

The DecisionTools Suite is a great way to present quantitative techniques in a straightforward, easy-to-understand way. Each month we feature an example or tip illustrating how students can gain "real world" benefits by implementing quantitative analysis.

Test-Marketing a New Product
Excerpted from Decision Making Under Uncertainty with RISKOptimizer by Wayne Winston, published by Palisade Corporation

Major consumer goods firms often test market a new product before taking the product nationwide. The reasoning is that the small cost of test marketing usually gives the company a good idea about how well the product will do nationwide. Thus test marketing can often prevent a costly national failure. An important decision in test marketing a new product is how well the product must do in the test market to justify a national rollout. The following example shows how RISKOptimizer can be used to make test-marketing decisions.

Palisade Corporation Download the example spreadsheet and
    step-by-step instructions.

Textbook of the Month

The DecisionTools Suite is included in dozens of major textbooks, and is a key component of more titles every year. Authors use the DecisionTools Suite to illustrate key analytical concepts and build examples demonstrating the value of quantitative techniques in business, OR, and engineering.

Data Analysis and Decision
Making with Microsoft Excel
by Dr. Chris Albright, Wayne Winston, and Christopher Zappe

Master data analysis, modeling, and spreadsheet use. With a teach-by-example approach, student-friendly writing style, and complete Excel integration, this business statistics text provides you with the tools you need to succeed. Margin notes, boxed-in definitions and formulas in the text, enhanced explanations in the text itself, and stated objectives for the examples found throughout the text make studying easy. Problem sets and cases using StatTools provide realistic examples that enable you to see the relevance of the material to your future as a business leader. @RISK, PrecisionTree, and StatTools are all covered.

The 4th edition has been updated for Excel 2007 and 2010.

» Learn more from the publisher
» See a list of books bundled with Palisade software

@RISK @RISK is a great computer program to
      use in my course and I hope to be able
      to continue the tradition for years to
      come. Trial Versions

                       - Dr. Yu Lei, Associate Professor of
                         Insurance at the University of Hartford

Featured White Paper

Professors, PhD candidates, practitioners and others often use the DecisionTools Suite as part of a complex analysis to address important problems. These analyses are published in white papers. Each month we will feature a different academic white paper addressing a wide range of issues.

Incorporating Uncertainty into
Dam Safety Risk Assessment
Sanjay S. Chauhan and David S. Bowles
Utah State University

 
Risk assessment is becoming more widely used to supplement traditional approaches to dam safety decision-making. Dam owners throughout Australia, the U.S. Army Corps of Engineers, and the U.S. Bureau of Reclamation are using risk assessment as a decision support tool.

This paper summarizes an approach to incorporating input uncertainties into a risk analysis model. Input uncertainties are captured by using probability distributions, and their influence on risk assessment results can be expressed in terms of the confidence associated with meeting tolerable risk guidelines.

This paper presents a framework and procedure for uncertainty analysis in dam safety risk assessment, and demonstrates some useful formats for presenting results.

Palisade Corporation  View the full paper

Palisade Corporation
The Academic Global Leader in
Risk and Decision Analysis
Palisade Corporation is the world’s leading provider of risk and decision analysis software and solutions. Founded in 1984, its products @RISK and the DecisionTools Suite are used by over 95% of the Fortune 100, in nearly every industry around the world. Palisade is headquartered in New York State, and has offices in London, Sydney, Rio de Janeiro, and Tokyo.

What is The DecisionTools Suite?

The DecisionTools Suite is the world’s only integrated set of risk and decision analysis programs. The Suite includes @RISK for Monte Carlo simulation, PrecisionTree for decision trees, and TopRank for “what if” sensitivity analysis. In addition, DecisionTools Suite comes with StatTools for statistical analysis and forecasting, NeuralTools for predictive neural networks, and Evolver and RISKOptimizer for optimization. All programs work together seamlessly, and all integrate completely with Microsoft Excel for ease of use and maximum flexibility.

The Suite is offered in three affordable and flexible licensing options for those in academia: Student Versions, Course Licenses and Full Academic Versions.

» Schools using Palisade software
»
Textbooks using Palisade software

In This Issue

» Grad Students use @RISK
   to Tackle Real-Life
   Challenges

» Recent School Adoptions

» Licensing Options

» Teaching Tips &
   Examples

   Test-Marketing a
   New Product

» Textbook of the Month
   Data Analysis and Decision
   Making with Microsoft Excel

» Featured White Paper
   Incorporating Uncertainty
   into Dam Safety Risk    Assessment

» About Palisade and the
   DecisionTools Suite

 

Keep in Touch
Palisade CorporationPalisade CorporationPalisade CorporationPalisade Corporation

Palisade CorporationClick to chat live with
a sales representative


Events

» Trade Shows
IQPC
January 16th – 20th
Orlando, FL
 
ASQ
Ferbruary 27th – 28th
Phoenix, AZ

» Training Seminars
Asia-Pacific
Melbourne: 18-19 January
Bangkok: 22-23 February
Brisbane: 6-7 March
Kuala Lumpur: 27-28 March

EMEA & India
Oslo: 11-12 January
London: 23-24 January
Johannesburg: 8-10 February
London: 21-22 February
London: 20-22 March

Latin America
Medellín, Colombia:
  24-26 de enero
Lima, Perú: 7-9 de febrero

North America
San Francisco: 18-19 January
Ottawa: 7-9 February
Houston: 21-23 February
Orlando: 6-7 March
Washington, DC: 27-29
 

» Live Web Training
Decision-Making and Quantitative Risk Analysis
using @RISK
PART II

30-31 January, 9am-1pm ET

Decision-Making and Quantitative Risk Analysis using the DecisionTools Suite
PART I

1-2 March, 11am-3pm ET

PART II
19-20 March, 11am-3pm ET

Project Risk Assessment Using @RISK for Project
28 February, 11am-3pm ET
 

» Live Webcasts
These complimentary sessions are 30-60 minutes, held via web conference. See industry case studies, software demos, applications, and more.

Refining the Business Case for
Sustainable Energy Projects
Using @RISK & PrecisionTree:
A Biofuel Plant Case Study

January 12, 11:00am ET
Scott Mongeau
Biomatica
» Register

How Capable are Your Capability Metrics? Using @RISK to Demonstrate Their Limitations
February 16, 12:00 Noon ET
Rick Haynes
Smarter Solutions, Inc.
» Register
 

Trial Versions

Palisade software is available in fully functional trial versions. Try @RISK or any of our software today!

The DecisionTools Suite
The complete risk and
decision analysis toolkit

» English
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@RISK
The world's most widely
used risk analysis tool
@RISK» @RISK for Excel
@RISK» @RISK for Project
@RISK» @RISK for Six Sigma

PrecisionTree
Visual decision analysis
for spreadsheets

NeuralTools
Sophisticated neural networks for spreadsheets

StatTools
Advanced statistical analysis for spreadsheets

Evolver
The Innovative Optimizer
for Windows


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Palisade Corporation
©2012 Palisade Corporation, visit www.palisade.com

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