School of Mines Selects @RISK as
Decision Support Software of Choice
13 February 2004, Ithaca, NY - Palisade Corporation is pleased to announce its strategic partnership with the Colorado School of Mines as the school’s decision support partner of choice. Larry Chorn, Associate Professor of Petroleum Engineering at the School, uses @RISK to educate and train the next generation of petroleum engineers.
In previous years, Professor Chorn found that their existing software tools did not provide the depth, flexibility, and accuracy necessary for success.
Professor Chorn explains, “Before partnering with Palisade, we were using Crystal Ball from Decisioneering to perform low level Monte Carlo simulations. We found the program to be cumbersome and lacking the ’horse power’ we needed. And the biggest problem was that everyone just assumed that the data we were getting was OK. Yet we had no idea why we were getting the answers we were, or, more importantly, the methodology behind the answers.”
In the field of petroleum engineering, quantifying economic uncertainty is one of the most critical elements to the success or failure of a project. Mistakes or the use incomplete data can be extremely costly.
The ease of use, flexibility, and depth of data provided by @RISK made the decision to partner with Palisade an easy one. “The bottom line is, with @RISK by Palisade, we can now quantify economic uncertainly with considerable insight. The analytics in @RISK are up front, available, and flexible enough to provide me with everything I need. It’s obvious that @RISK is a great software package for commercial use, but for us, we see equal value as a teaching tool.”
Randy Heffernan, Palisade Vice President, shares Larry Chorn’s enthusiasm. “We’re pleased that the Colorado School of Mines has selected our market-leading @RISK as the decision-analysis software of choice for Professor Chorn’s Petroleum Engineering students. We’re proud of how our software and services not only provide value to companies in the private sector, but to colleges and universities as well.”