Getting Started Workshop Course Description

This hands-on workshop is designed to help new users of Palisade’s @RISK get started using Monte Carlo simulations to model uncertainty in their risk or decision analysis projects. You will learn about Monte Carlo simulations, how to add inputs and outputs to your models, choose a distribution and begin running simulations to help with your analysis.

Attendees will be introduced to the concepts and methods necessary to simulate potential future outcomes, develop a risk assessment and to make defensible decisions under uncertainty.

Prerequisites:

1. Some experience building models with Excel
   Minimum requirements include knowledge and experience with the following:
   • Opening, saving and closing Excel files
   • Entering data and creating formulas
   • Copying formulas, using relative and absolute referencing, range names
   • Formatting cells
2. Recommended – some familiarity with basic statistics

Getting Started Workshop Agenda:

• What is a Monte Carlo simulation – Beyond point estimates
• How does @RISK help me make informed decisions – Simulation results
• The @RISK ribbon – Commonly used features and functions
• Add outputs and inputs to a model – How these elements fit into your model
• Choosing an input distribution – Logical and data-driven input selection
• Running a simulation – Number of iterations, runtime options
• How to generate results, charts and reports – Output graphs and statistics, tornado charts