Advanced Analytics for Business Intelligence

Business Intelligence (BI) is all the rage. Businesses want business intelligence. Analytics and reports are at the heart of BI. Decision makers want decision intelligence. Analysis, especially quantitative risk analysis and Monte Carlo simulation, yields more thorough intelligence for effective decision making under uncertainty.

Some, Ralph Kimball among them, challenge that advanced analytical tools, “as powerful as they are, can be understood and used effectively only by a small percentage of the potential … business-user population.” What’s missing from the assertion is a recognition that data are about what has already happened. If you’re forecasting or planning strategically, you need predictions moving forward. It’s not just about data mining, it’s how you employ the data to make effective and well-informed decisions.
According to one BI developer, “use of advanced analytics has been limited to power analysts” leaving reporting capabilities to the bottom of the technology pyramid. But risk and decision analysis tools from Palisade Corporation are not just for power analysts — anyone can make ready use of these Monte Carlo software tools. Besides, several large corporations make @RISK accessible to business and production sides in the organization.

@RISK, and each of the DecisionTools Suite applications, has built-in reporting capabilities to communicate the analyses you’ve performed. In @RISK 5, you can even have your reports generated immediately after completing a simulation (see the Simulation Settings dialog), whether those reports are in standard form and layout, or as customized templates. Any statistic you can find from a data set can be reported in easy to use Excel spreadsheets. The quants can utilize the reports to communicate the risk analytics of a strategic decision as well as those on the front lines who need to generate a quick assessment of uncertainty in operational actions.

Thompson Terry
Palisade Training Team

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