Official blog of Palisade. Tips on making better decisions with analytics, news about the risk and decision analysis field, and updates from Palisade.
Palisade expert trainer Rafael Hartke discusses how to use @RISK for cost estimation–more specifically, how to transform your deterministic models into probabilistic ones. This recorded webcast shows you how to add uncertainty as well as a risk register to your model. About the trainer: Rafael Hartke is an Oil and Energy Industry Consultant at …
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In this webcast, Palisade trainer Rishi Prabhakar explores tips for using @RISK that will benefit the beginner and experienced user alike. There are many features of @RISK that can make your modeling life much simpler, if you only knew they were there! Rishi covers topics such as overlaying distribution graphs for comparison, changing default setting …
@RISK can be very effectively used to forecast the production of oil and gas reserves about which little is known. This is a simple model forecasting production for a particular oil well. The estimated reserves within the well are uncertain and are represented with a Lognormal distribution function. The mean is 500,000 STB and the …
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It is important for an insurance company to estimate the amount of claims it will incur in a given year. This series of models assumes that there are three types of claims: auto, general liability, and worker's comp. Historical data for the company is included. The top section lists the numbers of claims for the …
Continue reading “Modeling Insurance Claims with Simulation, the Compound Function, and Resampling”
Q. In the histograms of my @RISK distributions and results, what do the numbers on the vertical axis mean? Can I make the scale more user friendly? A. The default scale is probability density. This is adjusted so that the areas (height × width) of all the bars add up to 1. You may prefer …
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Q. I administer my company's concurrent network license. How can I tell who has a license checked out? A. On the server, run LMTools and click the Config Services tab. Select the Palisade service and click the View Log button. After the startup messages, you'll see a series of lines starting OUT or IN. Each …
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The @RISK — Excel Reports command selects reports to be generated on the active simulation results, or the current model definition. A variety of different pre-built simulation reports are available directly in Excel at the end of a simulation. The Quick Report is a report on simulation results designed for printing. This report contains a …
You can easily flag any cell that contains @RISK input distribution functions or @RISK output functions using the Application Settings window of @RISK. Application Settings is located under the Utilities menu in the @RISK ribbon: Here you can apply default cell formats to cells in your workbook where @RISK inputs and outputs are located. …
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@RISK risk analyis software gives you multiple options for saving Monte Carlo simulations you have run and comparing them with other simulations. These include: Storing simulations in your Excel workbook Saving simulations as a separate .RSK5 file outside the workbook Using the @RISK Library for storing and comparing different simulations. When you want to store …
@RISK is available with companion product PrecisionTree in the DecisionTools Suite. PrecisionTree creates decision trees in Excel to allow you to map and understand the complex decision problems. @RISK functions are recognized by PrecisionTree, and the two may be launched from a common Excel toolbar. @RISK allows you to: quantify the uncertainty that exists …
Continue reading “@RISK Tip: Using @RISK with PrecisionTree in the DecisionTools Suite”
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