February 1999, OR Newsletter
By Nigel Cummings
Below are a few excerpts from the article:
For those of us familiar with Microsoft's Project range of applications, there can be little doubt that one of the most desirable facilities, that of introducing uncertainty to project models, has been left out. This may be due to Microsoft's ability to recognise that third party developers will continue to provide "add-ins" for their products, though a more jaundiced eye might view that Microsoft simply overlooked some of the fundamental requirements of project managers in their project management tools.
Seeking a solution to the problem of adding uncertainty to models produced in MS Project prompted me to examine Palisade's @RISK and @RISK Professional applications. Both of these are effective "add-ins" for MS Project 16-bit and 32-bit implementations, which provide the power of Monte Carlo simulation directly to MS Project models. @RISK will allow users to take any single MS Project file and represent uncertainty using @RISK functions to run a model capable of representing hundreds or even thousands of what-if scenarios.
It is clear that @RISK is a true Project Add-In complete with Toolbar Interface and 37 Distribution Functions.
@RISK for Project ... provides a powerful and flexible tool that works with Project (also available as a separate package for use with MS Excel) to facilitate model building and Risk Analysis. The results that @RISK for Project generates can then be used by the decision-maker to help choose a course of action.
To read the
full review, click here: http://www.orsoc.org.uk/about/topic/news/risk.htm
