Cranfield University uses @RISK for Product Reliability
Cranfield University is a wholly postgraduate institution with a worldwide reputation for excellence and expertise in aerospace, automotive, defence, engineering, environment and water, health, management, and manufacturing. It is one of the top five research universities in the UK and combines academic study and qualifications with the commercial and business focus of industry.
A project focusing on sub-sea equipment for the oil and gas industry at Cranfield University provided evidence to business managers that a better return on investment (ROI) is achieved through enhancing a product's long-term reliability as a result of spending time and resources early in the product design lifecycle. The project is funded in part by the Engineering and Physical Sciences Research Council (EPSRC), the UK's main government agency for funding research and training in engineering and the physical sciences.
Cranfield's School of Applied Sciences uses @RISK software from Palisade to calculate the likelihood of sub-sea oil and gas production equipment failing, and the overall cost throughout the project life cycle, should it do so. @RISK is an Excel add-in using Monte Carlo simulation to show all potential scenarios, as well as the likelihood that each will occur, thereby providing the decision-maker with the most complete picture possible.
» Read the complete case study about Cranfield
University’s use of @RISK
The sensitivity analysis of @RISK means
that [...] end-users are fully-informed
and can accurately pinpoint where to
invest on further product design, giving
them further confidence that they are
making the most effective use of their
Karl Woods, Reliability Engineer
Over 60,000 students use the DecisionTools Suite annually in their MBA and graduate level programs. In 2011, 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
Fort Lewis College
High Point University
Jackson State University
Louisiana State University
New Mexico Institute of Mining and Technology
North Dakota State University
Northern Arizona University
Oklahoma State University
Oregon State University
The University of Kansas
Thunderbird School of Global Management
University of Arkansas
University of Houston
University of Maine
University of Maryland
University of Maryland, Baltimore County
University of Michigan
University of Oklahoma
University of Pennsylvania
University of Richmond
University of St. Thomas
University of Texas at Dallas
University of Texas, Austin
University of Western Ontario
||Swinburne University of Technology - Australia |
Curtin University - Australia
RMIT University - Australia
Escuela de Ingenieria de Antioquia – Colombia
Groupe ESC Dijon Bourgogne - France
Technische Universität München – Germany
National Technical University of Athens - Greece
Universidad Panamericana - Mexico
Universidad La Salle - Mexico
TU Delft - Netherlands
Universidad Peruana de Ciencias Aplicadas - Peru
Universidade do Minho - Portugal
University of Salford- United Kingdom
University of Southampton – United Kingdom
Universidad de Montevideo - Uruguay
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 for your course by contacting:
Palisade Academic Sales
800-432-7475 / 607-277-8000
Students find @RISK easy to use –
very little time to become
Professor Roy Nersesian
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.
Forecasting Structural Costs
Excerpted from Financial Models Using Simulation and Optimization II by Wayne Winston, published by Palisade
@RISK is well suited to forecast the timing of major structural costs. The major sources of uncertainty are the time to complete a project, the time after project when the cost is incurred, and the size of the cost. The following example shows how @RISK can be used to forecast structural costs. Our simulation is in file costs.xls
Download the example spreadsheet and
Saving @RISK Simulations
@RISK risk analysis software gives you multiple options for saving Monte Carlo simulations you have run and comparing them with other simulations.
- Storing simulations in your Excel workbook
- Saving simulations as a separate .RSK5 file outside the workbook
- Using the @RISK Library for storing and comparing different simulations.
» Read More
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.
Principles of Engineering Economic
Analysis, 5th Edition
by John A White, Kenneth E. Case, and David B. Pratt
Principles of Engineering Economic Analysis, 5e provides a unified treatment of economic analysis principles and techniques from a cash flow perspective. This approach has been proven in the classroom and has been very successful in practice. The fifth edition has been updated to include sample FE exam questions as well as shorter examples so that students can clearly understand the concepts. Additionally, the text includes more use of spreadsheet software and more information on personal finance, helping students become even more familiar with the essentials an engineer needs to know when solving problems in the real world.
» Learn more from the publisher
» View 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.
Trial Application of a Model of Resource
Utilization, Costs, and Outcomes for
Stroke (MORUCOS) to Assist Priority
Setting in Stroke
Marjory L. Moodie, DrPH, et al. Stroke, American Heart
Stroke is a major cause of mortality and morbidity in Australia, accounting for 5.4% of the total disability adjusted life-year (DALY) disease burden. Costs associated with the disease are high; total first-year costs of first-ever strokes in Australia in 1997 were estimated at US $427 million and the present value of lifetime costs were US $1 billion. Researchers used @RISK to perform probabilistic uncertainty analysis using Latin Hypercube simulation as part of this study.
Read the full paper here
Professors using Palisade software share examples and teaching tips they've used in class in Palisade's Academic Webcast series. Register online at no charge.
Portfolio Management using @RISK
To be presented by Matt Rosenberg, RoseCap Investment Advisors
September 20, 2012, 11:00am EDT (Eastern Daylight Time)
This free live webcast is intended to show the benefits of using Monte Carlo simulation in the processes of portfolio construction, and portfolio management for individuals, families and institutional investors. Topics will include a general overview of the portfolio management processes, as well as specific examples showing the use of @RISK for risk management within these processes.
» Read more details about the webcast and register here
» See complete Webcast schedule
The Academic Global Leader in
Risk and Decision Analysis
Palisade 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
Story to Share?
We are always on the lookout for interesting content to add to our academic newsletter. Many of our academic users are involved in projects using our software which might have wide appeal and be of general interest. If you have a story to share, send it to:
firstname.lastname@example.org and we’ll consider it for an upcoming edition!
» Cranfield University
uses @RISK for
» Recent School Adoptions
» Tech Tip
Saving @RISK Simulations
» Licensing Options
» Teaching Tips &
Forecasting Structural Costs
» Textbook of the Month
Principles of Engineering
» Featured White Paper
Trial Application of a Model of
Resource Utilization, Costs,
and Outcomes for Stroke
(MORUCOS) to Assist Priority
Setting in Stroke
» Academic Live Webcast
» About Palisade and the
» Story to Share?
Click to chat live with
a sales representative
Industry experts present real-world case studies, Palisade consultants deliver workshops and training, plus sessions on new version 6.0 of the DecisionTools Suite. Don't miss the opportunity to sign up for an Expert Session, in which you can have an expert review your model and answer questions, one-on-one, at no charge!
» London: 18-19 April
» Sydney: 29-30 May
» Las Vegas: 7-8 Nov
» Training Seminars
Singapore: 21-22 August
Sydney: 9-10 October
Perth: 13-14 November
Brisbane: 20-21 November
São Paulo, 22-23 de agosto
19-21 de setembro
Rio de Janeiro,
26-28 de setembro
Brasilia, 3-5 de outubro
Vitória, 24-25 de outubro
München: 4-5 September
London: 18-20 September
Amsterdam: 3-4 October
London: 23-25 October
Oslo: 22-23 November
San José: 27-31 de agosto
Bogotá: 4-6 de septiembre
Panamá: 17-19 de octubre
Santiago: 12-16 de noviembre
Calgary: 14-16 August
Hartford: 4-5 September
Denver: 11-13 September
Montreal: 18-20 September
Chicago: 9-11 October
Vancouver: 17-18 October
» Live Web Training
Project Risk Assessment
20 August, 9am-1pm ET
Quantitative Risk Analysis
using the DecisionTools Suite
6-7 September, 9am-1pm ET
17-18 September, 9am-1pm ET
Quantitative Risk Analysis
1-2 October, 9am-1pm ET
18-19 October, 9am-1pm ET
Using Decision Trees with
PrecisionTree to Add Insight
12 November, 1pm-5pm ET
» Live Webcasts
These complimentary sessions are 30-60 minutes, held via web conference. See industry case studies, software demos, applications, and more.
RoseCap Investment Advisors
Palisade software is available in fully functional trial versions. Try @RISK or any of our software today!
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decision analysis toolkit
The world's most widely
used risk analysis tool
» @RISK for Excel
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