Excel add-in is a valuable tool for modeling
uncertain situations using spreadsheets.
By Wayne Holland
Simulation is a core technique utilized by the OR/MS community.
As a business academic, I find @RISK
an excellent tool for introducing students to simulation modeling
for two reasons. First, the automatic handling of simulation repetition
and output presentation means that the focus can be kept on the
logic of model building. Second, most business students are familiar
with Excel, therefore the environment of the software feels very
familiar to them. This means the learning curve is much shorter
than it would be to use specialist simulation software.
Likewise, @RISK should be quite useful in the business world. Anyone who works in modeling uncertainty in a spreadsheet format could make use of, and benefit from, @RISK. …for those workers building their models in spreadsheets, @RISK provides a very convenient and helpful simulation tool.
Documentation is done well for @RISK. Help is available in three
formats: 1) online help and reference facilities built into @RISK;
2) online tutorials provided with the software; and 3) the printed
My personal preference when learning new software is to have a printed manual next to my keyboard that I can flick through as I work. @RISK's 499-page volume is a wonderful tool for learning about not only @RISK and its various features, but also about the subject of risk analysis. …. So, full marks to Palisade on the quality of their documentation.
@RISK is a valuable tool for those working in the area of modeling uncertain situations using spreadsheets. Its flexibility, comprehensiveness and ease of use make it software suitable for serious business use as well as academic demonstration.
For more information, contact:Randy Heffernan