Monte Carlo Simulation as a Force for Good

CEO Message by Randy Heffernan

Many who have been exposed to Monte Carlo simulation learned about it in the context of financial modeling such as asset management, cash flow analysis, or actuarial study.  And that’s with good reason: The applications of Monte Carlo simulation for giving valuable insights into areas of financial uncertainty are limitless.  This is part of the reason why platforms like Palisade’s @RISK are embraced in such disparate fields as banking, construction, manufacturing, aerospace, and pharmaceuticals.

Yet there is another aspect of Monte Carlo simulation that receives less attention, and that is its contribution to overall public living standards around the world. A quick scan of recent headlines in the fields of healthcare and economics highlight this point.

The U.S. opioid crisis is persistent, complex, and highly destructive. A May 2022 research article published in the Proceedings of the National Academy of Sciences (PNAS) entitled “Modeling the evolution of the US opioid crisis for national policy development” applies a methodolgy leveraging Monte Carlo simulation to better understand the root causes of the crisis.  This simulation model “replicates how risks of opioid misuse initiative and overdose have evolved over time…and suggests how those risks may evolve in the future, providing a basis for…analyzing potential policy impacts and solutions.”

Looking beyond the U.S., the Brookings Institute published an article in May 2022 entitled “Financial resilience in small states: Lessons from Eswatini.” In it, the authors – both employed by World Bank, a Palisade customer and @RISK user – examine the sensitivity of small nations to external shocks such as wars, natural disasters, and COVID-19. Using Monte Carlo simulation, the authors analyzed different risk-layering financial strategies to mitigate the impacts of such uncontrollable events.

Finally, Monte Carlo simulation continues to be implemented to better predict the path of COVID-19. In “COVID is no gamble: physics-inspired simulations predict waves in four countries,” published in May 2022 in The Conversation, the author likens the movement and interactions of people to the behaviors of subatomic particles.  The application of Monte Carlo to better understand these interactions – a technique established in physics – has led to measurably accurate models of COVID spread.  These insights, in turn, enabled the researchers to identify the most effective types of mitigation and prevention strategies for certain countries before the latest wave hit.

All of these examples align with our experience at Palisade, where @RISK and the DecisionTools Suite have been used for everything from disease diagnosis to endangered species preservation.  Food for thought.

Improving Legal Case Outcomes with @RISK and PrecisionTree, Part IV

Forecasting Damages Using Monte Carlo Simulation

In our last post, we discussed using @RISK software to navigate decision analysis challenges and determine fair market value of intellectual property. This final post will continue exploring ways to enhance your litigation strategy by using @RISK to forecast damages.

A common first step in litigation strategy is to calculate the case’s settlement value. As discussed in our past legal blog series, settlement calculations can quickly become inundated with countless variables and uncertainties. These legal uncertainties raise questions about estimating damages, a crucial step in the value calculation.

Financial forensics specialists Solis Financial Forensics, LLC use Palisade’s @RISK software to forecast damages in a variety of complex legal cases.

“If I’m projecting future lost profits, for example, there can be many unknowns,” stated David Solis, founder and managing member of Solis Financial Forensics LLC. “What will lost revenues be in the future? How long is the loss period? What growth rate is expected for future revenues? What would the variable cost percentage have been, had the damaging event not occurred? These are all factors that can be difficult to predict with certainty, because they have not or did not occur.”

With @RISK, you can account for uncertainties such as growth rates, discount rates, and future loss periods to calculate a wide range of damages with indisputable credibility. This easy-to-use software works within Microsoft Excel and uses Monte Carlo simulation to calculate many different possible outcomes, along with the probabilities they will occur. Additionally, you can quickly create models within your existing spreadsheets that show potential lost earnings, lost profits, and the diminishment of value.

“@RISK allows me to say that I looked at a range of possible outcomes in regard to unknown variables, and based on my analysis incorporating those ranges, I believe lost profits to be X with a reasonable degree of certainty,” said Solis.

By combining the results received from @RISK with your litigation decision tree, you can map out case outcomes with increased accuracy.

At Palisade, the makers of PrecisionTree, @RISK, and other leading risk and decision analysis solutions, we provide cost-effective, easy-to-use analytics to companies who want to make better decisions. To learn more about how we can help you speed up negotiations, determine fair market value of IP, or even solve a different challenge you might be facing, check out the previous post in this blog series or request a free trial of @RISK and PrecisionTree, included in the DecisionTools Suite.

Improving Legal Case Outcomes with @RISK and PrecisionTree, Part III

Calculating Unassailable Fair Market Value of Intellectual Property using Monte Carlo Simulation

Previously we discussed the importance of crafting decision trees in litigation strategy and why patent litigation is an expensive, time-consuming process. In part three, we will be focusing on how to leverage Palisade’s @RISK software to overcome decision analysis challenges and calculate probabilities of all possible scenarios occurring to determine fair market value of intellectual property (IP).

As mentioned in our prior series, The Economics of Litigation, patent owners commonly overvalue recoverable damages while defendants typically undervalue them. This disconnect significantly slows the litigation process and emphasizes the importance of presenting quantitative, reliable estimates to get expectations to converge.

Unreliable estimates for IP stem from the challenge of needing to account for variables such as risks, regulations, IP protections, operating budgets, market adoption rates, and more.

Additionally, decision analysis issues must be considered when obtaining accurate estimates. Inaccurate estimates can be the result of biases, poorly obtained probabilities, failing to identify the most important or volatile variables, and more. In The Economics of Litigation, we discussed the various biases that must be countered when calculating estimates such as motivational biases, cognitive biases, and anchoring.

By using a technique known as Monte Carlo simulation, Palisade’s @RISK software removes biases and calculates definite probabilities by running thousands of calculations using a range of random numbers to show the chances of virtually all possible outcomes occurring.

To pinpoint the most important variables in your calculations, it is recommended by damage experts to use risk-analysis software like Palisade’s @RISK to run sensitivity analysis. This software produces easy-to-understand tornado charts that clearly identify and rank the most influential variables and the value of information, which is commonly used to set a price ceiling for discovering information.

Identifying the most important or volatile variables in your estimate allows you to strategically allocate your discovery budget. After creating your decision tree, you can choose a chance node and determine the value of having perfect information for that option. Running sensitivity analysis allows you to focus on the most valuable information, improving your estimates and case outcomes.

By linking the power of Palisade’s @RISK with your spreadsheets in Microsoft Excel, you can strengthen your litigation strategy by calculating unassailable fair market value of IP. More than 93% of Fortune 500 companies are using our software, including intellectual property valuation specialists Pellegrino & Associates who use @RISK for their risk analysis.

“We’ve used it on more than 300 client engagements in every major sector of the economy, from software and semiconductors to chemical coatings and consumer electronics,” said Michael Pellegrino, owner of Pellegrino & Associates. “We apply it to a range of damages models including the assessed value of a product, reasonable royalty payments, total cost of product reproduction, as well as the potential for lost profits – and in all the cases that went to court where we used Monte Carlo simulation, our results were accepted every time.”

In our final series post, we’ll explore ways to enhance your litigation strategy by using @RISK to forecast damages.

At Palisade, the makers of PrecisionTree, @RISK, and other leading risk and decision analysis solutions, we provide cost-effective, easy-to-use analytics to companies who want to make better decisions. To learn more about how we can help you speed up negotiations, determine fair market value of IP, or even solve a different challenge you might be facing, check out the previous post in this series or request a free trial of @RISK and PrecisionTree, included in the DecisionTools Suite.

Improving Legal Case Outcomes with @RISK and PrecisionTree, Part ll

Decision Trees Explained

In our first post, we discussed how presenting objective, realistic models that show all possible scenarios helps manage expectations early in the litigation process, setting the stage for productive settlement discussions. In this post, we will be delving into why patent litigation is a particularly expensive process and walk through an example of a litigation decision tree.

On average, it takes 2.4 years for patent cases to complete the full litigation process and only 2-5% of patent cases reach the pre-trail and trial phase, according to James C. Yoon, partner at Wilson Sonsini Goodrich & Rosati. This drawn-out process leads to the accumulation of significant legal expenses.

Yoon noted that the total cost of patent litigation depends on the potential range of damages. For cases that go through trial, those with less than $25 million “at risk” total $2.6 million in expenses and cases with more than $25 million “at risk” amount to $5.5 million in expenses.

As covered in our previous legal blog series, the dynamic nature of patent litigation and the potential for significant financial loss are two main reasons why firms often get entangled in lengthy negotiations.

To lay the groundwork for swift settlements, many legal firms use PrecisionTree software to map out all possible routes a litigation path can take by building quantitative, probabilistic decision trees that calculate case outcomes along the way. This decision-making software can calculate for risks and rewards, forecast case budgets, identify key investigation areas, and create impartial, realistic models to cut down on time and costs.

Since PrecisionTree works within Microsoft Excel, it allows for great flexibility in defining decision model nodes and functions and may be added to any cell in your existing spreadsheets. Furthermore, PrecisionTree is designed to work with Palisade’s @RISK and TopRank software, allowing for the creation of the most accurate decision tree models anywhere.

Dive deeper into litigation decision trees with the example below.

Litigation Decision Tree Example

Decision Tree example in litigation
Figure titled “Baby Tree” from previous legal blog series, The Economics of Litigation.

A decision tree, like the example “Baby Tree” above, is read from left to right with each new decision or event occurring at the square decision node. For this litigation decision tree, the two options are to litigate or settle.

To the right of the Litigate decision branch, you have a chance node represented by a circle. Chance nodes represent uncertainties which are assigned probabilities of an event occurring. In this figure based on case win rate data, there is a 58% chance of winning and 42% chance of losing the case. These probabilities are represented under the Win and Lose decision branches. All paths through the decision tree conclude with a final outcome, represented here with the triangle. The final outcome for litigating in this figure is a $14 million judgement and was based on past average award data. This is shown in the Money Received column to the right of the figure.

We know that the settlement offer was $500,000 which is shown in the box by the Settle decision branch. To determine the expected value of litigating, we work backwards from the $14 million judgement. First, we’ll calculate net payoff by subtracting the $2 million in legal fees from the money received for winning and losing the case. Then we’ll multiply net payoff for winning by the probability winning the case ($12 million x .58 = $6,960,000) and do the same for the Lose decision branch (($2 million) x .42 = (840,000)). We add these together to find the expected value of litigating which is $6.1 million. Since the result of $6.1 million is greater than the settlement value, the plaintiff should choose to continue litigating.  

As shown in this basic example, the first goals when creating a decision tree should be to show the major choices, potential following event, probabilities these events could occur, and the result of the events.

In the next series post, we’ll discuss common decision analysis challenges and explore how Palisade’s @RISK software helps determine fair market value of intellectual property.

At Palisade, the makers of PrecisionTree, @RISK, and other leading risk and decision analysis solutions, we provide cost-effective, easy-to-use analytics to companies who want to make better decisions. To learn more about how we can help you speed up negotiations, determine fair market value of IP, or even solve a different challenge you might be facing, check out the first post of this blog series or request a free trial of @RISK and PrecisionTree, included in the DecisionTools Suite.

Improving Legal Case Outcomes with @RISK and PrecisionTree, Part I

Quantitatively Optimize Your Negotiation Strategy with Decision Trees

In litigation, you often get stuck in inefficient negotiations. Between 95-97% of patent lawsuits settle before trial, but not before amassing an average of more than $2 million in expenses, according James C. Yoon, partner at Wilson Sonsini Goodrich & Rosati. If a long negotiation is disadvantageous for both parties, why does it take so long to reach settlement?

As stated in our previous legal blog series, parties tend to settle when their expectations converge, but typically at least one group is overly optimistic about the potential of their case.

To set the stage for productive settlement discussion, it’s crucial to calculate the risks and rewards of a case, forecast case budget and identify key investigation areas. Palisade’s PrecisionTree software works within Microsoft Excel and is used by many firms to build quantitative, probabilistic decision trees that map out the many paths a litigation can take, calculating case outcomes at each point along the way.

Presenting an objective, realistic picture of all possible scenarios to both clients and opposing counsel helps to manage expectations early in the process. Commercial litigation specialists Ascendion Law recently adopted PrecisionTree to create detailed decision trees to understand the numerous probabilities at play in commercial legal disputes.

“We literally sent the tree to the other side, and they then saw exactly where we were coming from and our rationale for our decision. We were able to have a rational conversation—with PrecisionTree, you’re not just horse trading anymore in these negotiations,” said Chilwin Cheng, Ascendion Law’s Managing Partner.

Decision tree analysis helps determine the best course of action and all possible alternatives. By breaking down issues into manageable parts and assigning probability to outcomes, PrecisionTree presents quantitatively optimized results such as the cost of settling versus litigating.

In our next series post, we’ll dive into the inner workings of decision trees and discuss why patent litigation can be such a length, expensive process.

At Palisade, the makers of PrecisionTree, @RISK, and other leading risk and decision analysis solutions, we provide cost-effective, easy-to-use analytics to companies who want to make better decisions. To learn more about how we can help you speed up negotiations, determine fair market value of IP, or even solve a different challenge you might be facing, request a free trial of @RISK and PrecisionTree, included in the DecisionTools Suite.

Key Project Management & Decision Analysis Text Expands on DecisionTools in New Edition

What are the characteristics of successful managers? Surveys consistently show decision-making ability at or near the top of the lists. Perhaps no management activity is more important. Risk and Decision Analysis in Projects by John R. Schuyler presents the approach and principal techniques of decision analysis to help the reader realize faster, more confident, and better decisions.

Risk and Decision Analysis in Projects has long been a go-to resource for project managers looking to get a better handle on risk.  Now, new edition 3.1 offers a complete re-write of the best-selling previous editions.  The techniques described are applicable to all types of project decisions, estimates, feasibility analyses, and buy/sell valuations.  With Risk and Decision Analysis in Projects and a little practice, decision analysis is easily integrated into a professional’s daily problem-solving approach.

As in previous editions, Schuyler has incorporate the use of @RISK throughout the text, applying it to new venture analysis, schedule audits, project sensitivity analysis, contingency planning, and much more.  Both cost and schedule risk are subject to a wide range of uncertainty in any project planning exercise, and @RISK is well-suited to confidently assessing just how great those uncertainties are and what to do about them.

In addition, Schuyler explores the benefits of using PrecisionTree to better understand the sequence of decisions in complex problems, and to quantify the value of information in the face of unknowns.  Furthermore, Schuyler explains how best to cope with uncertain values at various points in a decision process by incorporating Monte Carlo simulation from @RISK.   This blending of two powerful techniques is a unique attribute of DecisionTools Suite that provides insights unavailable anywhere else.

Furthermore, optimization is explored as a means for deciding which projects to pursue in a portfolio, and for other types of resource allocation challenges.  RISKOptimizer and Evolver come into play here, offering a range of optimization methods to best suit each different situation.

Throughout the text, real-life situations are explained in clear, easy-to-follow language and steps.  The new edition offers online supplements and new methods that are both proven and accessible.  No matter what industry you’re in – oil and gas, utilities, manufacturing, pharmaceuticals, technology, finance, you name it – the content in this book will be directly applicable to you.  Making good decisions over the long term increases the probability of meeting your objectives. Those using decision analysis can sleep well at night knowing that they have made the best possible choices under the circumstances.

Learn more and purchase here.

See new @RISK version 8 at the Palisade Risk Conference in San Antonio

Palisade developers give you an inside look!

On November 12-13, be among the first to get a look at the exciting next release of @RISK – new version 8! Join us at the Palisade Risk Conference in San Antonio to see not only what’s new, but how you can take your decision-making to the next level.

Each year, Palisade hosts workshops and conferences around the world, culminating in a grand 2-day event. This year in San Antonio, our Development team will be in attendance to demonstrate @RISK version 8, show off the latest enhancements, and hear directly from @RISK users.

Don’t miss the chance to get a first look at Palisade’s new @RISK, direct from the source! Join us in San Antonio.

Registration is free to qualified risk professionals.

Register for the Palisade Risk Conference, San Antonio Nov 12-13

Meet Our Management Team

Over the last year or so, we’ve been assembling a “new” management team here at Palisade as part of our strategy to take the company to new levels.  I say “new” in quotes because most (but not all) of the team are Palisade veterans.  We’ve restructured responsibilities and put systems in place to support a globally-focused mission of elevating the quality of decision-making in sectors around the world.  Meet the team!

Erik Westwig, Director of Software Development

Erik Westwig has worked in software development at Palisade for nearly 25 years, and leads all the company’s core product software development efforts. 

Erik has long been a key architect behind Palisade’s flagship product @RISK, which performs Monte Carlo simulation and optimization in Microsoft Excel.  Having written large portions of the @RISK code directly, Erik has also led development teams throughout the company’s history.  In addition to @RISK, he has spearheaded the development of PrecisionTree, Palisade’s decision analysis add-in to Excel, as well as coordinated production of the company’s fully integrated DecisionTools Suite of analytical tools.

Erik enjoys heavy metal and Broadway show tunes.

Denise Castellot, Vice President of Global Sales

Denise Castellot has managed sales teams at Palisade for over 12 years, and now leads the company’s expansion efforts all over the world. 

Denise began at Palisade focusing on Latin America.  Under her leadership, the company presence in both Brazil and the rest of Latin America grew exponentially.  She has also led teams in Asia-Pacific and the US.  Having sold directly into these markets herself, Denise brings a firm understanding of market challenges as well as a hands-on management style to the role.  As VP of Global Sales, she is a unifying force for the company’s distributed global team, applying best practices and scaling outreach efforts in exciting new ways.

When not spreading the gospel of risk management, Denise can be found galloping through the countryside on one of her horses.

Scott Burch, Vice President of Finance

Scott Burch joined our team in April 2019 and develops and executes innovate new financial strategies that directly impact the bottom line.

Scott’s remit includes financial engineering, systems improvements, analytics and cash management, all of which further enable the company to achieve its strategic goals of providing the best possible decision-making solutions to Fortune 500 professionals worldwide.  Scott also works closely with Palisade’s equity partner Thompson Street Capital Partners to leverage their experience and expertise.

Prior to Palisade, Scott was corporate accounting manager for PAR Technologies, controller at XPO Logistics, and Vice President at Tompkins Financial Corporation.  Scott spends his downtime keeping his dog from eating the paneling off the walls of his house.

Shannon Kelly, Director of Marketing

Shannon Kelly has worked in marketing at Palisade for over 20 years, and currently leads the company’s branding, outreach, and demand generation efforts globally. 

Shannon began as the company’s graphic designer and quickly became the webmaster as well.  Over the years, she has led multiple re-branding efforts, product launch campaigns, and web site overhauls.  She and her team have produced materials and campaigns in eight different languages.  Shannon launched and oversees Palisade’s global events series, which includes conferences, workshops, and industry exhibitions all over the world.  The two-day Palisade Risk Conference has become the leading event of its kind in the risk decision-analysis space.  She is also responsible for Palisade’s marketing analytics efforts, helping to target our messaging and content to be relevant and useful for our customers.  She and her team are focused on understanding the customer’s journey, in order to build and nurture customer relationships that last for years.

When not directing global marketing, Shannon can be found on the dog agility circuit.

Julie Ellis-Grove, Director of Accounting

Julie Ellis-Grove has worked in accounting at Palisade for six years, and is responsible for the smooth operation of the company’s receivables, payables, payroll, cash, tax, and other functions. 

Over the years, Julie has revamped AP and AR processes, set up new reporting systems, and managed cash and tax functions in four different countries.  More recently she led the diligence effort during Palisade’s capital restructure with Palisade’s private equity partners Thompson Street Capital Partners.  Among her latest challenges is co-leading an initiative to upgrade and overhaul Palisade’s ERP and accounting software systems, which will provide the company with greater efficiencies and real-time reporting like never before.

If that weren’t enough to keep her busy, at 6:00am most mornings Julie can be found at CrossFit.

Gustavo Vinueza, Director of Custom Solutions

Gustavo Vinueza has worked in the consulting, training, and custom development area of Palisade for nine years, and is currently responsible for scoping and producing customized software solutions for Fortune 500 companies around the world.

During his tenure, Gustavo has leveraged his technical and financial background to understand the varied and unique needs of customers in many different industries to better formulate solutions tailored for each client.  Having started by providing training classes and developing spreadsheet models for clients, Gustavo has since grown to lead a team of consultants and programmers whose mission is to create robust, bespoke software solutions based on Palisade’s @RISK and DecisionTools technologies.  To date, the Custom Solutions team has helped Fortune 500 clients in manufacturing, engineering, defense, utilities, banking, energy, and many other sectors.

Gustavo is an active street runner and his goal is to, one day, run a marathon.

Randy Heffernan, CEO

That’s me – for over 20 years, I’ve worked in nearly every department at Palisade, including sales, marketing, operations, and development.  Working closely with sales and product teams, I’ve had the opportunity to lead product launches, enter new markets, and establish Palisade offices in multiple new countries.  During that time, the company has quadrupled in size and expanded its reach to become the dominant force in modern analytical decision-making and thought leadership.

My focus now is to take Palisade to the next level in its 30+ year history.  Building on a marketing-leading product and a world-class sales force, our aim is to lay the foundation for the next generation of accessible, powerful spreadsheet-based analytics and to reach segments who don’t yet know the power these tools can bring.

Besides risk analytics, things that I think are fun include mountains, English history, and Star Trek.

Learn more about the team here!

International Monetary Fund uses Monte Carlo Simulation for Stress Testing

An IMF working paper this month contemplates the effectiveness of lending arrangements the institution makes to various countries around the world.  The paper, “Assessing IMF Lending: A Model of Sample Selection,” seeks to identify and understand common factors that make programs effective – or not.  Using Monte Carlo simulation to assess the impacts of various global shocks, the authors “suggest that higher external financing needs, larger exchange rate depreciation, lower GDP growth, as well as deteriorated global financial conditions, are associated with larger individual IMF arrangement sizes,” and that “the distribution of potential aggregate IMF lending exhibits a substantial right tail.”  The analysis will serve as a basis for broader IMF lending policy discussions.

The paper touches upon a very common application of Monte Carlo simulation – that of stress testing.  Stress testing, as defined by Investopedia, is: “…a computer simulation technique used to test the resilience of institutions and investment portfolios against possible future financial situations. Such testing is customarily used by the financial industry to help gauge investment risk and the adequacy of assets, as well as to help evaluate internal processes and controls. In recent years, regulators have also required financial institutions to carry out stress tests to ensure their capital holdings and other assets are adequate.”

In the IMF’s case, the authors are examining whether their lending programs are sufficient to enable recipient countries to withstand various financial shocks.  After the global financial crisis, the Dodd-Frank Act mandated stress testing of large banks to ensure sufficient capital reserves in the case of another downturn. 

Monte Carlo simulation is ideally suited to stress testing, because it enables you to see the probability of an institution (bank, insurance company, central bank) of meeting its obligations in event of certain specific events.  Straightforward Monte Carlo simulation enables this by allowing you to define uncertain inputs using probability distributions – for example, a lognormal distribution to describe the Dow Jones Industrial Average.  @RISK takes this one step further with its Stress Analysis feature, which lets you specify which parts of an input distribution to sample during a simulation.  For instance, if you wanted to sample the bottom 5th percentile of a distribution in order to focus on a particularly negative scenario, @RISK’s Stress Analysis feature will do this automatically:

The Federal Home Loan Bank of Indianapolis has used @RISK for stress testing as part of its credit portfolio loss modeling.  According to Brendan McGrath, Director of Credit Risk Analysis, Enterprise Risk Management at the FHLB, “The @RISK framework gives you robust tools to do sensitivity analysis and optimization, so our model gives us the ability to do a variety of stress testing and what-if analysis on the portfolio.”  As a result of the analysis, the FHLB was able to identify key loss distributions, which allowed them to calculate Value-at-Risk.  Importantly, they were also able to determine key drivers of default risk in order to reduce VaR going forward.

Interested in learning more?  We can help you create your own stress testing models for a range of applications.  Just contact our consulting and custom solutions team.

Palisade Announces 2019 Risk Conference in San Antonio

Register today for the 2019 Palisade Risk Conference in San Antonio.

We are very pleased to announce that the 14th annual Palisade Risk Conference will take place in San Antonio, Texas on November 12-13, 2019.  The event will take place at the beautiful Marriott Riverwalk, and is expected to attract nearly 200 key decision-makers to share best practices and the latest trends in the practice of risk and decision analysis.  The conference is one of the most important of the year in its field.

Brendan McGrath of Federal Home Loan Bank of Indianapolis delivers the 2018 keynote address in San Diego.

The Palisade Risk Conference is an important component of our role as a thought leader in the field.  We feel strongly about providing like-minded professionals with this forum as a way to advance best practices and ultimately raise the quality of decision-making across a wide range of industries.

In fact, our attendees often cite the practical nature of the discussions the conference fosters.  Michael Watson, a senior staff integrated planner for Lockheed Martin and recent conference attendee, commented, “We saw and discussed methods that directly apply to our problems, and learned to build upon them to come up with solutions.”

The conference will offer multiple tracks of sessions, ranging from software training to industry case studies and success stories regarding the use of probabilistic risk analysis to solve a wide range of problems.  Sectors represented will include oil and gas, utilities, pharmaceuticals, manufacturing, transportation and more.  Success stories and case studies are presented by companies such as the US Army Corps of Engineers, Unilever, Caltrans, BorgWarner, Pure Technologies, and many others.

You will also have the chance to participate in networking sessions, and to meet one-on-one with Palisade consultants to get advice on your specific modeling issues!

Now in its 14th year, the Palisade Risk Conference is part of a global series of conferences and workshops we host to further interest and best practices in the field.  More about the Palisade Risk Conference here. 

See you San Antonio!