Excel
add-in is a valuable tool for modelling uncertain situations using spreadsheets.
Excerpts from software review in OR/MS Today, February 2003
By Wayne Holland
Simulation is a core technique utilised by the OR/MS community. As a business academic,
I find @RISK an excellent tool for introducing students to simulation
modelling 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 modelling
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 manual.
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 modelling uncertain situations using spreadsheets. Its flexibility, comprehensiveness and ease of use make it software suitable for serious business use as well as academic demonstration.
