Expert Advice is Needed in Tough Times

When the economy takes a turn for the worse, tough times call for cutbacks. Cutbacks might include extras you don’t really need, goods that haven’t yet outlived their usefulness, or services you can perform yourself. Just because you can – and perhaps should – do without some of the ‘luxuries’ does not mean everything should be cut from your budget. Expert advice is one of those areas – and it doesn’t have to break the bank.

Weighing important decisions demands advanced analytics and informed insights to uncover the value of one choice over another. With quantitative analysis, you can gain valuable insights into underlying risks and their implications. Taking that information forward, you can formulate effective responses to those risks. Statistical analysis in Microsoft Excel is useful, but without the ability to account for risk and uncertainty, a static model adds limited value.  George Box’s adage “All models are wrong. Some models are useful” is an apt perspective viewed through static analysis. An essential extension to the basic Excel model is quantitative risk analysis.

Palisade’s training and consulting services are cost effective ways to extract more from your risk analysis software. In short order you can gain better control over your simulation models through training, or you can work with the experts who developed these tools to aid you in efficient modeling of your given situation. Bespoke models provide you with information relevant to your organization. Add efficient application of @RISK (analysis with Monte Carlo simulation) and RISKOptimizer (Monte Carlo simulation with optimization for decision making under uncertainty) or PrecisionTree (decision analysis in Microsoft Excel using decision trees and influence diagrams) and you get much more. Then you’ll find out just how useful models can be.

Thompson Terry
Palisade Training Team

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