@RISK Utilized in Spelman College Grant Research Project on Health Care Costs of Former Inmates
According to Dr. Marionette Holmes, assistant professor at Spelman College, the homeless and previously-incarcerated population represents one of the most vulnerable demographics in the United States in terms of health care, and the cost for caring for these individuals can be staggering. For example, the monthly cost to care for those who are triply diagnosed with a mental illness, HIV positive, and substance abuse problems can range from approximately $4,000 to $40,000. In a grant research project entitled, "Examining the Health and Economic Impact of a Policy Driven Supportive Housing Program for Formerly Incarcerated Homeless Individuals in New York City," Holmes is utilizing @RISK in a cost-benefit analysis that considers the economic and health impacts of prisoners moving from incarceration to homelessness and moving from incarceration to supportive housing.
The supportive housing program Holmes examined is located in New York City, and specifically targets individuals who have cycled through both the penal and health care system more than four times over the past five years. One of the implementations of @RISK in this research is through a model that converts risky sexual behavior into HIV transmission risk and uses findings to project future HIV transmission probabilities.
Findings of the study are expected to be released in December.
Dr. Holmes has also assisted her research students with the use of @RISK. Ms. Andrea Brown, a recent graduate of the Spelman College Mathematics Department is writing a research paper entitled, “The Impact of Condom Attitudes of African American Female College Students on HIV/STD Transmission Risk,” which utilized @RISK in a cost-benefit analysis. Though the paper is still being written, the research conducted took first place in a recent research competition.
» More about Spelman College
» More about Dr. Marionette Holmes
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Over 60,000 students use the DecisionTools Suite annually in their MBA and graduate level programs. In 2012, 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:
Colorado School of Mines
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Fundación Universidad de las Américas, Puebla - Mexico
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Hochschule Osnabrueck - Germany
Hochschule Zittau/Goerlitz - Germany
Indian School of Business - India
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Instituto Tecnológico y de Estudios Superiores de Monterrey - Mexico
Kanagawa University - Japan
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Pontifícia Universidade Católica do Rio de Janeiro - Brazil
Queensland University of Technology - Australia
Royal Veterinary College - United Kingdom
The University of New South Wales - Australia
The University of Tokyo - Japan
UNIAO Brasiliesen de Eduacaco E Cultura - Brazil
Universidad Autonoma de Queretaro - Mexico
Universidad La Salle AC - Mexico
Universidad Politecnica de Valencia - Spain
Universidad Pontificia Bolivariana - Colombia
Universitat der Bundeswehr Munchen - Germany
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Universite Paris Dauphine - France
University of Dundee - United Kingdom
University of Oxford - United Kingdom
University of Pretoria - South Africa
University of West London - United Kingdom
University of Westminster - United Kingdom
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. Palisade offers a complimentary Live Web Training session to all instructors who order a Course License.
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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.
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Textbook Editions available bundled with textbooks.
These are time- and model-limited licenses.
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Get DecisionTools Suite 6 for your course by contacting:
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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.
Generating Random Samples
Excerpted from Learning Statistics with StatTools,
by S. Christian Albright, published by Palisade Corporation
It is occasionally useful to generate random samples from a larger data set and record their values. StatTools performs this operation easily. Consider the data set on employee salaries. (Salaries 1.xlsx, it has data on 208 employees) To generate several random samples of a given sample size from this data set, select Random Sample from the Data Utilities dropdown. The resulting dialog box gives you several choices. First, you can select any or all of the variables to be included. Next, you must specify the number of samples and the sample size.
Download the example spreadsheet and
Viewing a Corrected Correlation
Matrix in Excel
You may wish to view in Excel the corrected matrix that @RISK generates and uses while simulating. If @RISK detects an inconsistent correlation matrix in your model, it will correct it, using any related Adjustment Weight matrix. However, it leaves your original inconsistent matrix as you entered it in Excel.
To view the corrected matrix in your spreadsheet:
- Highlight a range with the same number of rows and columns as the original correlation matrix.
- Enter the function =RiskCorrectCorrmat(CorrelationMatrixRange, AdjustmentMatrixRange).
- Press [Ctrl][Shift][Enter] at the same time to enter your formula as an array formula.
Note: the AdjustmentMatrixRange is optional, and only used when you are applying adjustment weights.
For example, if the correlation matrix was in the range A1:C3, and the adjustment weight matrix was in E1:G3, you would enter:
The corrected coefficients for the matrix will be returned to the range. The RiskCorrectCorrmat function will update the corrected matrix anytime you change a coefficient in the matrix or a weight in the Adjustment Weight matrix.
» See more in the @RISK manual
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.
Practical Management Science -
Spreadsheet Modeling and Applications
By Wayne Winston and Dr. Chris Albright
This text takes an active-learning approach, providing numerous examples and problems so students can practice extensively with a concept before moving on. Four types of problems -- skill-building, skill-extending, modeling, and cases are graded within sections and chapters to help instructors assign homework. Another important feature is the way that the text integrates modeling into all functional areas of business: finance, marketing, operations management using real examples and real data. Examples utilize @RISK, PrecisionTree, RISKOptimizer, and more. The text emphasizes modeling over algebraic formulations and memorization of particular models. Shell files are also provided so that instructors can give students as much or as little information as they need.
This new edition has been update for Excel 2010.
» Learn more from the publisher
» See a list of books bundled with Palisade software
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.
Assessing Traffic and Revenue Studies for Tolled Facilities Using a Toll Viability Screen Tool built with @RISK
By Don R. Smith, Carlos Chang-Albitres, Wm. R. Stockton, and Craig Smith, Texas Transportation Institute of The Texas A&M University, October 2004
In an era where agencies are looking to invest hundreds of millions – and even billions – of dollars into a single transportation facility, the feasibility and investment-grade studies for such projects must instill a high confidence to the financial markets and the public. Texas Transportation Institute (TTI) assesses the reasonableness of toll road and managed lane traffic and revenue (T&R) studies by using simulation techniques to examine the rationality of base assumptions and study the unique and simultaneous risks associated with those variables.
T&R studies consist of several sequential data transformations that ultimately result in annual toll transaction and revenue estimates for decades into the future. Because toll road and managed lane projects can vary greatly in their complexity, TTI needed to devise a way to review their corresponding T&R studies in a consistent and direct method. With federal and state funding, TTI created the “Toll Viability Screening Tool” (TVST) using @RISK.
Read the full paper here
Experts using Palisade software share examples and teaching tips. Register online at no charge.
Modeling Multi-Staged Investments
To be presented by Eric Torkia, MASc, Technology Partnerz Ltd
July 25, 2013, 11:00am EDT (Eastern Daylight Time)
When planning a multi-staged investment such as new product development or the deployment of a new asset consisting of multiple stage gates, the consequences on analyzing NPV risk are substantial. This complimentary live webcast will show you how to model multiple gates as well as their impact on financial performance. Also presented in this model are how to assess completion stages and probabilities of investment success.
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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.
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» @RISK Utilized in Spelman
College Grant Research
Project on Health Care
Costs of Former Inmates
» Recent School Adoptions
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Generating Random Samples
» Tech Tip
Viewing a Corrected
Matrix in Excel
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Modeling and Applications
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Assessing Traffic and
Revenue Studies for Tolled
Facilities Using a Toll Viability
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