Palisade's DecisionTools Suite - the complete risk and decision analysis package for Excel - has been adopted by top MBA schools around the country. Four leading management science textbooks from Duxbury Press - Practical Management Science, Making Hard Decisions with DecisionTools, Managerial Statistics, and Data Analysis & Decision Making - incorporate extensive examples, case studies, and exercises using the tools in the DecisionTools Suite.
As a result, the DecisionTools Suite is currently being taught at such prominent institutions as the University of Pennsylvania, Cornell University, Northwestern University, Yale University, Columbia University, the University of Michigan, the Massachusetts Institute of Technology, and dozens of others.
With greater business and industrial reliance on quantitative methods to assess risk and analyse decision processes, most students in business courses are expected to master these techniques. About 40,000 MBA students currently use the DecisionTools Suite in conjunction with the Duxbury Press textbooks. Widespread adoption of the Suite is expected to accelerate the growing trends toward using techniques like Monte Carlo simulation and decision trees throughout corporate America.
According to Curt Hinrichs, Publisher of management science and applied statistics texts at Duxbury Press, "The DecisionTools Suite adds a level of functionality and learning that take the concepts presented in the books to a new level. Several of these books have been tried and true references in graduate business curricula for years. By giving today's students the opportunity to work through real-life examples using the analytical techniques DecisionTools offers, we have opened up a whole new level of risk and decision analysis that will make the next generation of business leaders more savvy than ever before."
The DecisionTools Suite includes:
Analysing Uncertainty: @RISK 4.5. Monte Carlo simulation is the most widely used computational technique to simulate processes in which there is uncertainty--in other words in almost any everyday decision. When it comes to Monte Carlo simulation software, @RISK has become the gold standard for its flexibility of application and capacity to handle complex inputs and large data sets.
Decision Trees and Influence Diagrams: PrecisionTree®. PrecisionTree creates influence diagrams and decision trees in existing spreadsheets. Influence diagrams are used to see the relationships among components of a problem, and decision trees make use of this information to model a sequence of events. PrecisionTree generates a full statistical report and risk profile graphs and includes Sensitivity Analysis and other features.
Distribution Fitting: BestFit®. Many statistical computations are based on distribution curves, and fitting distributions to data focuses analyses, saves time and avoids costly errors. BestFit is a visual distribution-fitting tool that does exactly what its name promises. Powerful enough to accommodate multiple data sets and up to 100,000 data points, BestFit can use data from a text file, Excel or any Windows application to identify distributions according to "goodness of fit."
Distribution Viewing: RISKview. RISKview is a popular interactive graphical tool for viewing and assessing probabilities. It allows the user to view, review, and redraw probability distribution functions. The new version features an Office-style interface, presentation quality graphics, overlay distribution graphs, and an improved Distribution Artist for user-specified distribution curves.
What If Analysis: TopRank®. For any spreadsheet TopRank automatically determines which cells affect simulation results the most and ranks them in order of importance. Results can be displayed as Tornado graphs and in a full statistical report. Advanced features include a What-if Wizard, Multi-Way What-if Analysis, and support for data tables.
Other colleges and universities using the DecisionTools Suite include:
Carnegie Mellon University
Michigan State University
New York University
Texas A&M University
University of Texas Austin
University of California Berkeley
University of Connecticut
University of Florida
University of Maryland
University of Pittsburgh
University of South Carolina
University of Southern California
University of Utah
University of Wisconsin
...and many others.
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