Palisade Decision Tools 6.1: A Powerful Suite for Risk and Decision Analysis
Palisade Decision Tools 6.1 is a set of software tools that help you analyze and make decisions under uncertainty. It integrates seamlessly with Microsoft Excel and allows you to perform various types of analyses, such as Monte Carlo simulation, decision trees, sensitivity analysis, optimization, statistics, forecasting and more.
In this article, we will give you an overview of the main features and benefits of Palisade Decision Tools 6.1, and show you how to download and install it on your computer.
What is Palisade Decision Tools 6.1?
Palisade Decision Tools 6.1 is a collection of eight programs that work together to provide you with a comprehensive toolkit for risk and decision analysis. These programs are:
- @RISK: This is the core program of the suite, which performs risk analysis using Monte Carlo simulation. It lets you model uncertain variables in your spreadsheet using probability distributions, and then run thousands of simulations to see the possible outcomes and their likelihoods. You can also use @RISK to perform optimization under uncertainty, using RISKOptimizer or ScheduleRiskAnalysis.
- PrecisionTree: This program helps you create and analyze decision trees and influence diagrams in Excel. Decision trees are graphical tools that help you map out complex decisions and evaluate the expected value of each alternative. Influence diagrams are similar to decision trees, but they also show the relationships between variables and decisions.
- TopRank: This program performs automated “what if” sensitivity analysis on your Excel models. It identifies and varies the input cells that have the most impact on your output or “bottom line” cells, and shows you how they affect the results.
- StatTools: This program replaces Excel’s built-in statistics functions with its own, more robust and accurate ones. It covers the most common statistical analyses, such as descriptive statistics, hypothesis testing, regression, ANOVA, time series, quality control and more. It also allows you to build your own custom statistical procedures.
- NeuralTools: This program uses artificial neural networks to perform predictive analysis on your data. Neural networks are powerful tools that can learn from data and make predictions based on patterns and trends. You can use NeuralTools to forecast sales, classify customers, detect fraud, diagnose diseases and more.
- Evolver: This program is a sophisticated optimization tool that uses genetic algorithms to find the best solution to your problem. Genetic algorithms are inspired by natural evolution and can handle complex, nonlinear and discontinuous problems that other methods cannot. You can use Evolver to optimize product design, portfolio allocation, resource allocation, scheduling and more.
- RISKView: This program is a graphical tool that lets you view and compare the results of your @RISK simulations. It displays histograms, cumulative curves, scatter plots, box plots and other charts that help you understand the distribution of your outcomes and their probabilities.
- RISKSimTable: This program is an add-on for @RISK that lets you create simulation tables in Excel. Simulation tables are tables that show the results of multiple simulations with different input values. They are useful for comparing scenarios, performing sensitivity analysis, testing assumptions and more.
What are the benefits of Palisade Decision Tools 6.1?
Palisade Decision Tools 6.1 can help you make better decisions in various fields and industries, such as finance, engineering, manufacturing, healthcare, energy, insurance, project management and more. Some of the benefits of using Palisade Decision Tools 6.1 are:
- It helps you quantify and manage risk: By using @RISK and other tools in the suite, you can model uncertainty in your spreadsheet using probability distributions, run simulations to see the range of possible outcomes and their likelihoods, measure risk metrics such as Value-at-Risk or Expected Shortfall, perform risk mitigation strategies such as hedging or diversification, and communicate risk effectively using charts and reports.
- It helps you evaluate alternatives and choose the best option: By using PrecisionTree and other tools in the suite, you can create decision trees and influence