Palisade prides itself of software tools that can be easy to use and multi-use. Professor Li, of the University of Michigan – Shanghai Jiao Tong University Joint Institute, provided some enthusiastic feedback on Palisade products in a recent case study.
Prof. Li 's research includes complex engineering system design and optimization, decision-making and optimization theory. Li uses Palisade's @RISK tools into his research and courses at Jiao Tong University. In his research, Li routinely uses @RISK, PrecisionTree, TopRank, and StatTools to do specific calculations in system design process, enabling him to analyze his ability to guarantee original design performance while changing different variables. He also uses the tools to perform decision analyses for system users.
Li says that he compared @RISK to other research software on the market, including Matlab. While Matlab and similar software offer some of the risk and decision analysis functionality found in Palisade’s software, researchers have to add their own code to access this level of functionality, taking considerable effort and time. In contrast, Palisade risk and decision analysis software simplifies these functions so that they are easy to use, and allows the creation of comprehensive data models.
Using DecisionTools for Product Pricing and Engineering Design
Prof. Li gives two examples on how the software is used in his teaching and research. The first involves a study of pricing risk and decision-making when introducing a new product to the market. Many factors affect the price of a new product, such as raw material and production labor costs. Li wanted to determine how large an impact these factors would have on a product's final price. Using Monte Carlo simulation, Li was able to find the relative influence of each variable. The whole approach was simple and intuitive. In another example, Li used the software to determine the influences of various factors on tolerances in car engine design. By using Palisade’s DecisionTools Suite, Li was able to save a lot of time, completing the procedures with just two or three commands.
Short Learning Curve
Prof. Li has found that the DecisionTools Suite enables students to perform highly flexible case analysis and decision analysis of any issues that may be encountered in a system. Students are able to grasp a number of related concepts with greater ease, while gaining powerful tools to facilitate solving practical problems. In Prof. Li’s research, Palisade has provided excellent support for the calculations and optimization required in areas like engine design and decision-making support theory, thus saving huge amounts of time and effort. Says Prof. Li, "You can now complete what originally took you 20 hours to do in as little as a single hour!"
Read the original case study here.
This case study is also available in Chinese: 上海交大开设DecisionTools 和@RISK软件课程并获得成果
See also: Some Uses of Decision Support Software