ModelRisk Alternatives

ModelRisk

ModelRisk is an Excel add-in that allows the user to include uncertainty in their spreadsheet models. ModelRisk has been the innovation leader in the marketplace since 2009, being the first to introduce many technical features that make risk models easier to build, easier to audit and test, and more precisely match the problems you face.

A ModelRisk user replaces uncertain values within their Excel model with special ModelRisk probability distribution functions that describe the uncertainty about those values. ModelRisk then uses Monte Carlo simulation to automatically generate thousands of possible scenarios.

At the end of the simulation run, which typically takes a few seconds, the results are displayed in a variety of graphical and statistical formats that will tell you things like:

What is the probability we will come under budget?
Which investment gives me the greatest return for a given level of risk?
How much capital do we need to be 95% sure of having enough for the project?
Which component configuration give me the greatest chance of achieving a certain operation time before a failure occurs?
How much do we need to hold in reserve to be 90% sure of covering the risks in our business?
How likely are we to meet our sales forecast?

There are three editions:
ModelRisk Standard provides advanced Monte Carlo simulation in Excel.
ModelRisk Professional adds 'objects' to ModelRisk Standard that greatly extend and simplify what you can model, as well as optimization and much more.
ModelRisk Industrial adds a range of advanced features to the Professional version that help solve common, more complex problems specific to various industries.