An Excel add-in for risk analysis and Monte Carlo simulation, providing a wide range of probability distributions, correlation tools, and advanced simulation capabilities.
ModelRisk
- Excel
- Data Analytics, Finance, Mathematics, Simulation, Statistics
- Risk Analysis, Simulation, Statistical Analysis, Statistical Process Control (SPC)
Features:
- Monte Carlo simulation, risk modeling, over 100 probability distributions, fitting distributions to data, correlation modeling (copulas, correlation matrices), time series forecasting, optimization under uncertainty, Bayesian inference tools, results visualization
Pricing:
- Paid
- Comprehensive and powerful for sophisticated risk analysis, offers a vast array of distributions and advanced modeling features (e.g., copulas, Bayesian methods), good for complex stochastic modeling.
- Commercial software, can be expensive, steep learning curve for advanced features and statistical concepts, simulations can be computationally intensive.
Best for:
- Risk analysts, statisticians, and professionals in fields like finance, engineering, and oil & gas who need advanced capabilities for Monte Carlo simulation and stochastic modeling within Excel.