Cranfield University uses @RISK to demonstrate benefits of investing in Product Reliability

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


@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
Trial Versions

                                  Karl Woods, Reliability Engineer

Recent School Adoptions

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:

  Auburn University
Baylor University
Bloomsburg University
Boston University
Colorado School of Mines
Columbia University
Emory University
Fort Lewis College
Georgetown University
High Point University
Hofstra University
Indiana University
Jackson State University
Louisiana State University
McMaster University
New Mexico Institute of Mining and Technology
Niagara University
North Dakota State University
Northern Arizona University
Northwestern University
Oklahoma State University
Oregon State University
Purdue University
Seattle University
Suffolk 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
Licensing Options

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:

AddressPalisade Academic Sales    
800-432-7475 / 607-277-8000

@RISK Students find @RISK easy to use –
      it takes very little time to become
Trial Versions

                                  Professor Roy Nersesian
                                  Columbia University

Teaching Tips & Examples

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

Palisade Download the example spreadsheet and
    step-by-step instructions

Tech Tip of the Month

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.

These include:

  • 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

Textbook of the Month

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
Published 2010

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

Featured White Paper

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
Association, 2004;35:1041-1046

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.

Palisade  Read the full paper here

Academic Live Webcast

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: and we’ll consider it for an upcoming edition!

In This Issue

» Cranfield University
   uses @RISK for
   Product Reliability

» Recent School Adoptions

» Tech Tip
   Saving @RISK Simulations

» Licensing Options

» Teaching Tips &

   Forecasting Structural Costs

» Textbook of the Month
   Principles of Engineering
   Economic Analysis,
   5th Edition

» 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
   Portfolio Management
   using @RISK

» About Palisade and the
   DecisionTools Suite

» Story to Share?

Keep in Touch

PalisadeClick to chat live with
a sales representative

Risk Conferences

2012 Palisade Risk Conferences
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
Belo Horizonte,
  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

Latin America
San José: 27-31 de agosto
Bogotá: 4-6 de septiembre
Panamá: 17-19 de octubre
Santiago: 12-16 de noviembre

North America
Calgary: 14-16 August
Hartford: 4-5 September
Denver: 11-13 September
Montreal: 18-20 September
Chicago: 9-11 October
Vancouver: 17-18 October
Washington, DC:
   23-24 October

» Live Web Training
Project Risk Assessment
using @RISK

20 August, 9am-1pm ET

Decision-Making and
Quantitative Risk Analysis
using the DecisionTools Suite

6-7 September, 9am-1pm ET

17-18 September, 9am-1pm ET

Decision-Making and
Quantitative Risk Analysis
using @RISK

1-2 October, 9am-1pm ET

18-19 October, 9am-1pm ET

Using Decision Trees with
PrecisionTree to Add Insight
to Decisions

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.

Portfolio Management
using @RISK

September 20, 11:00am ET
Matt Rosenberg
RoseCap Investment Advisors
» Register

Trial Versions

Palisade software is available in fully functional trial versions. Try @RISK or any of our software today!

The DecisionTools Suite
The complete risk and
decision analysis toolkit

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