Functions are at the heart of risk analysis involving Monte Carlo simulation. In version 7.5 we have added a total of 22 new functions – 16 distribution functions and 6 new statistical functions. @RISK’s new distribution functions will appeal to a variety of industries and applications:
- RiskDagum – This distribution is mostly associated with modeling income distribution and is useful in many actuarial statistics.
- RiskFréchet – Used to quantify extreme events, Fréchet distributions is helpful in modeling rare, unexpected events such as radioactive emissions, seismic analysis, and peak single-day rainfall and flooding.
- RiskCauchy – This distribution is useful in scientific and engineering applications to model resonance behavior, measurement repeatability and light dispersion.
- RiskBurr12 – Burr distributions are used to model household income, insurance risk and reliability data.
- RiskFatigueLife – If you are looking to model material reliability, FatigueLife distribitions are effective in modeling reliability and are used to estimate failure of materials over time.
These new functions are important for accurate, insightful estimation of uncertainty and provide useful statistics on simulation results data. Ranging from insurance risk to reliability engineering to modeling of household income, @RISK 7.5 has your risk analysis needs covered!