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The following is a comparison of various add-in packages available to do Monte Carlo probabilistic modeling and risk analysis. Add-ins covered are for Microsoft Excel on Windows. Mac software and tools for other platforms, such as R or Matlab are not included.

**Monte Carlo methods** are a broad class of computational algorithms that rely on repeated random sampling to obtain numerical results. Their essential idea is using randomness to solve problems that might be deterministic in principle. They are often used in physical and mathematical problems and are most useful when it is difficult or impossible to use other approaches. Monte Carlo methods are mainly used in three problem classes: optimization, numerical integration, and generating draws from a probability distribution.

**Microsoft Excel** is a spreadsheet developed by Microsoft for Windows, macOS, Android and iOS. It features calculation, graphing tools, pivot tables, and a macro programming language called Visual Basic for Applications. It has been a very widely applied spreadsheet for these platforms, especially since version 5 in 1993, and it has replaced Lotus 1-2-3 as the industry standard for spreadsheets. Excel forms part of the Microsoft Office suite of software.

**Microsoft Windows** is a group of several graphical operating system families, all of which are developed, marketed, and sold by Microsoft. Each family caters to a certain sector of the computing industry. Active Windows families include Windows NT and Windows Embedded; these may encompass subfamilies, e.g. Windows Embedded Compact or Windows Server. Defunct Windows families include Windows 9x, Windows Mobile and Windows Phone.

- General information
- Technical specification I
- Technical specification II
- Simulation Controls
- Reporting results
- Help file, support and training
- See also
- Footnotes and references
- Further reading

Decision-making software is reviewed separately.

Name | Company name | Office location(s) | Product first released | Last stable version | Software license | License options | System Requirements | Spreadsheet used |
---|---|---|---|---|---|---|---|---|

@RISK Industrial^{ [1] } | Palisade Corporation | Australia, Japan, UK, USA | 1987 | 7.5 | Proprietary | Single user, network license | Windows XP+ | Excel 32-bit (Excel 2007+), Excel 64-bit |

@RISK Professional^{ [1] } | Palisade Corporation | Australia, Japan, UK, USA | 1987 | 7.5 | Proprietary | Single user, network license | Windows XP+ | Excel 32-bit (Excel 2007+), Excel 64-bit |

Argo^{ [2] } | Booz Allen Hamilton | USA | 2012 | 4.1 | Freeware | N/A | Windows XP+ | Excel 32-bit (Excel 2007+), Excel 64-bit |

Crystal Ball^{ [3] } | Oracle Corporation | USA | 1987 | 11.1.4.4 | Proprietary | Single user | Windows 2003+ | Excel 32-bit (Excel 2003+), Excel 64-bit |

Crystal Ball + Decision Optimizer^{ [3] } | Oracle Corporation | USA | 1987 | 11.1.4.4 | Proprietary | Single user | Windows 2003+ | Excel 32-bit (Excel 2003+), Excel 64-bit |

DiscoverSim + SigmaXL ^{ [4] } | SigmaXL Inc. | Canada | 2012 | 2.1 | Proprietary | Single user | Windows Vista+ | Excel 32-bit (Excel 2010+), Excel 64-bit |

Ersatz^{ [5] } | Epigear | Australia | 2009 | 1.3 | Proprietary | Single user | Windows 2000+ | Excel 32-bit (Excel 2003+), Excel 64-bit |

MC FLO^{ [6] } | MC FLOsim | Switzerland | 2016 | Sofía I. | Proprietary | Single user | Windows 2000+ | Excel 32-bit (Excel 2010+), Excel 64-bit |

ModelRisk Complete^{ [7] } | Vose Software | Belgium, USA | 2008 | 6.1 | Proprietary | Single user, network license | Windows XP+ | Excel 32-bit (Excel 2003+), Excel 64-bit |

ModelRisk Basic^{ [7] } | Vose Software | Belgium, USA | 2008 | 6.1 | Freeware | Single user | Windows XP+ | Excel 32-bit (Excel 2003+), Excel 64-bit |

Monte Carnival^{ [8] } | Monte Carnival | USA | 2018 | 1.0 | Proprietary | Single User | Windows 95+ | Excel 32-bit (Excel 1997+), Excel 64-bit |

Quantum XL^{ [9] } | Sigmazone | USA | 2010 | 3.50.04 | Proprietary | Single user | Windows XP+ | Excel 32-bit (Excel 2000+), Excel 64-bit |

Risk Analyzer | Add-ins.com | USA | 2003 | 11.02 | Proprietary | Single user | Windows 2000+ | Excel 32-bit (Excel 97+), Excel 64-bit |

Risk Kit Suite^{ [10] } | Wehrspohn GmbH & Co. KG | Germany | 2007 | 6.0 | Proprietary | Free, single user, network license | Windows 2000+ | Excel 32-bit (Excel 2003+), Excel 64-bit |

Risk Solver Pro^{ [11] } | Frontline Systems | USA | 2007 | 15.0 | Proprietary | Single user, network license | Windows XP+ | Excel 32-bit (Excel 2003+), Excel 64-bit, Excel Online |

Risk Solver Pro + Premium Solver Pro^{ [11] } | Frontline Systems | USA | 2007 | 15.0 | Proprietary | Single user, network license | Windows XP+ | Excel 32-bit (Excel 2003+), Excel 64-bit, Excel Online |

RiskAmp Personal^{ [12] } | Structured Data LLC | USA | 2005 | 11.5 | Proprietary | Single user | Windows 2000+ | Excel 32-bit (Excel 2003+), Excel 64-bit |

RiskAmp Professional^{ [12] } | Structured Data LLC | USA | 2005 | 11.5 | Proprietary | Single user | Windows 2000+ | Excel 32-bit (Excel 2003+), Excel 64-bit |

SAFE TOOLBOXES^{ [13] } | Safe Quantitative Technologies | USA | 2016 | 1.0 | Proprietary | Single user | Windows 2000+ | Excel 32-bit (Excel 2003+), Excel 64-bit |

Simtools xla^{ [14] } | Roger Myerson, University of Chicago | USA | ? | 3.31a | Freeware | N/A | Windows 95+ | Excel 32-bit (Excel 5+) |

Similar^{ [15] } | Luciano Machain | Argentina | ? | 2.5 | Freeware | N/A | Windows XP+ | Excel 32-bit (Excel 2003+) |

Simulation Master Premium^{ [16] } | Vortarus Technologies LLC | USA | 2017 | 18.12.03 | Proprietary | Single user | Windows XP+ | Excel 32-bit (Excel 2007+), Excel 64-bit |

Simulation Master Standard^{ [16] } | Vortarus Technologies LLC | USA | 2017 | 18.09.01 | Proprietary | Single user | Windows XP+ | Excel 32-bit (Excel 2007+), Excel 64-bit |

Tukhi^{ [17] } | KALX, LLC | USA | ? | 0.2.11.5 | Freeware | N/A | Windows 95+ | Excel 32-bit (Excel 5+) |

YASAI^{ [18] } and YASAIw^{ [19] } | Rutgers University and Washington State Department of Ecology | USA | 2001 | 2.4, 2.0w29 | Freeware, Open source | N/A | Windows 95+ | Excel 32-bit (Excel 97+), Excel 64-bit |

Name | Distribution fitting | Correlation fitting^{ [20] } | Time series fitting | Decision trees | Optimizer included | Database connectivity | VBA calls to functions^{ [21] } | C++ calls to functions^{ [22] } | Six sigma supported |
---|---|---|---|---|---|---|---|---|---|

@RISK Industrial | Yes | Yes | Yes | PrecisionTree option | Yes | No | Yes | Yes | Yes |

@RISK Professional | Yes | Yes | No | PrecisionTree option | No | No | Yes | Yes | Yes |

Argo | No | Yes | No | No | Yes | No | No | No | No |

Crystal Ball | Yes | No | Yes | No | No | No | Yes | No | Yes |

Crystal Ball + Decision Optimizer | Yes | No | Yes | No | Yes | No | Yes | No | Yes |

Crystal Ball EPM + Decision Optimizer | Yes | No | Yes | No | Yes | Yes | Yes | No | Yes |

DiscoverSim + SigmaXL | Yes | Yes | No | No | Yes | No | No | No | Yes |

Ersatz | No | No | No | No | Yes | No | No | No | No |

MC FLO | Yes | Yes | Yes | No | No | No | No | No | No |

ModelRisk Complete | Yes | Yes | Yes | No | No | Yes | Yes | Yes | Yes |

ModelRisk Basic | Yes | Yes | Yes | No | No | No | Yes | Yes | No |

Monte Carnival | No | No | No | No | No | No | No | No | No |

Quantum XL | Yes | No | No | No | Yes | No | No | No | Yes |

Risk Analyzer | No | No | No | No | No | No | No | No | No |

Risk Kit Suite | Yes | Yes | Yes | No | No | No | Yes | Yes^{ [23] } | No |

Risk Solver Pro | Yes | No | XLMiner option | Yes | No | XLMiner option | Yes | Yes | Yes |

Risk Solver Pro + Premium Solver Pro | Yes | No | XLMiner option | Yes | Yes | XLMiner option | Yes | Yes | Yes |

RiskAmp Personal | No | No | No | No | No | No | No | No | No |

RiskAmp Professional | No | No | No | No | No | No | No | No | No |

SAFE TOOLBOXES | Yes | Yes | Yes | No | No | No | Yes | No | Yes |

Simtools xla | No | No | No | Functions / macros | No | No | Yes | No | No |

Similar | Yes | No | No | No | Yes | No | Yes | Yes | No |

Simulation Master Premium | Yes | Yes | Yes | DTace option | Yes | No | Yes | No | No |

Simulation Master Standard | No | No | No | DTace option | No | No | No | No | No |

YASAI and YASAIw | No | No | No | No | No | No | Yes | No | No |

Name | Converters for | Probability calculation functions^{ [24] } | UDF error analysis^{ [25] } | Extreme value modeling^{ [26] } | Expert elicitation tools^{ [27] } | Data previsualizer | ODE and numerical integration | Assumption library |
---|---|---|---|---|---|---|---|---|

@RISK Industrial | Crystal Ball | Yes | No | No | Yes | Yes | No | Yes |

@RISK Professional | Crystal Ball | Yes | No | No | Yes | Yes | No | Yes |

Argo | No | Yes | No | No | No | Yes | No | No |

Crystal Ball | No | Yes | No | No | No | Yes | No | No |

Crystal Ball + Decision Optimizer | No | Yes | No | No | No | Yes | No | No |

DiscoverSim + SigmaXL | No | Yes | No | No | No | Yes | No | No |

Ersatz | No | No | No | No | No | No | No | No |

MC FLO | No | Yes | Yes | No | Yes | Yes | No | No |

ModelRisk Complete | Crystal Ball, @RISK | Yes | Yes | Yes | Yes | Yes | Yes | Yes |

ModelRisk Basic | Crystal Ball, @RISK | No | Yes | No | No | No | No | No |

Monte Carnival | No | No | No | No | No | No | No | No |

Quantum XL | No | No | No | No | No | No | No | No |

Risk Analyzer | No | No | No | No | No | No | No | No |

Risk Kit Suite | No | Yes | Yes | Yes | Yes | Yes | No | No |

Risk Solver Pro | No | No | No | No | No | No | No | No |

Risk Solver Pro + Premium Solver Pro | No | No | No | No | No | No | No | No |

RiskAmp Personal | No | No | No | No | No | No | No | No |

RiskAmp Professional | No | No | No | No | No | No | No | No |

SAFE TOOLBOXES | No | Yes | No | Yes | No | Yes | Yes | Yes |

Simtools xla | No | No | No | No | No | No | No | No |

Similar | No | No | No | No | No | No | No | No |

Simulation Master Premium | No | No | Yes | No | No | No | No | No |

Simulation Master Standard | No | No | Yes | No | No | No | No | No |

YASAI and YASAIw | No | No | No | No | No | No | No | No |

Name | Control of seed values | Maximum numbers of draws^{ [28] } | Random number generator | Lock / unlock random variables^{ [29] } | Multiple simulation runs^{ [30] } | Run macros before/after simulation^{ [31] } | Stop run when output generates error^{ [32] } | Apply specific sample in model^{ [33] } | Precision control^{ [34] } | Spreadsheet interpreter^{ [35] } | Sampling method^{ [36] } |
---|---|---|---|---|---|---|---|---|---|---|---|

@RISK Industrial | Yes | Unlimited | Several | Yes | Yes | Yes | Yes | Yes | Yes | No | MC, LHS |

@RISK Professional | Yes | Unlimited | Several | Yes | Yes | Yes | Yes | Yes | Yes | No | MC, LHS |

Argo | Yes | 20000 | Mersenne Twister | Yes | No | No | No | Yes | No | Yes | MC, LHS |

Crystal Ball | Yes | Unlimited | MCG^{ [37] } | Yes | Yes | Yes | Yes | No | Yes | Yes | MC, LHS |

Crystal Ball + Decision Optimizer | Yes | Unlimited | MCG^{ [37] } | Yes | Yes | Yes | Yes | No | Yes | Yes | MC, LHS |

DiscoverSim + SigmaXL | Yes | 1e7 | Marsaglia KISS + Monster | No | No | No | No | No | No | Yes | MC, LHS |

Ersatz | No | Unlimited | 7 RNGs | Yes | Yes | Yes | No | No | No | No | MC |

MC FLO | Yes | Unlimited / Constrained by Excel | Mersenne Twister | Yes | No | No | Yes | Yes | No | No | MC |

ModelRisk Complete | Yes | Unlimited | Mersenne Twister | Yes | Yes | Yes | Yes | Yes | Yes | No | MC |

ModelRisk Basic | Yes | Unlimited | Mersenne Twister | Yes | Yes | Yes | Yes | Yes | Yes | No | MC |

Monte Carnival | No | Unlimited | Several | Yes | Yes | No | Yes | No | No | No | |

Quantum XL | No | 10000 | Mersenne Twister | No | No | No | No | No | Yes | Yes | MC |

Risk Analyzer | No | Constrained by Excel | ? | No | No | No | No | No | No | No | MC |

Risk Kit Suite | Yes | Unlimited | Mersenne Twister | No | Yes | Yes | Yes | No | No | No | MC |

Risk Solver Pro | Yes | Unlimited | Several | Yes | Yes | Yes | No | Yes | No | Yes | MC, LHS, Sobol |

Risk Solver Pro + Premium Solver Pro | Yes | Unlimited | Several | Yes | Yes | Yes | No | Yes | No | Yes | MC, LHS, Sobol |

RiskAmp Personal | Yes | Constrained by Excel | Mersenne Twister | Yes | No | No | No | No | No | No | MC, LHS |

RiskAmp Professional | Yes | Constrained by Excel | Mersenne Twister | Yes | No | No | No | No | No | No | MC, LHS |

SAFE TOOLBOXES | Yes | Unlimited | Mersenne Twister, RanLux and GFSRG | Yes | Yes | Yes | No | Yes | No | No | MC, Antithetic, Fauré,Halton |

Simtools xla | No | Constrained by Excel | Excel's RAND | No | No | No | No | No | No | No | MC |

Similar | No | Constrained by Excel | ? | Yes | No | No | No | No | No | No | MC |

Simulation Master Premium | Yes | Constrained by Excel | MCG^{ [37] }, Excel's RAND | Yes | Yes | No | No | No | No | No | MC |

Simulation Master Standard | Yes | Constrained by Excel | MCG^{ [37] }, Excel's RAND | Yes | No | No | No | No | No | No | MC |

YASAI and YASAIw | Yes | Constrained by Excel | L'Ecuyer's MRG32k3a^{ [38] } | No | Yes | Yes | No | No | No | No | MC |

Name | Includes reporting tool | Report export formats^{ [39] } | Save and retrieve results | Editing of graphs^{ [40] } | Histogram | Cumulative | Time series plot | Spider^{ [41] } | Tornado | Scatter | Pareto | Box | Statistics | Simulation data | Results filtering^{ [42] } |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

@RISK Industrial | Yes | Excel, bitmap | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |

@RISK Professional | Yes | Excel, bitmap | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |

Argo | Yes | Excel, bitmap | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | No | No | Yes | Yes | No |

Crystal Ball | Yes | Excel | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |

Crystal Ball + Decision Optimizer | Yes | Excel | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |

DiscoverSim + SigmaXL | Yes | Excel | Yes | Yes | Yes | No | Yes | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes |

Ersatz | No | Excel | Yes | Yes | Yes | No | No | No | Yes | Yes | No | No | Yes | No | No |

MC FLO | Yes | Excel | Yes | Yes | Yes | Yes | Yes | N/A | Yes | Yes | Yes | N/A | Yes | Yes | Yes |

ModelRisk Complete | Yes | PDF, PowerPoint, Word, Excel, ModelRisk ResultsViewer, bitmap | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |

ModelRisk Basic | Yes | PDF, PowerPoint, Word, Excel, ModelRisk ResultsViewer, bitmap | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |

Monte Carnival | Yes | Excel | Yes | Yes | No | No | No | No | No | No | No | No | Yes | Yes | |

Quantum XL | No | N/A | Excel | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

Risk Analyzer | No | N/A | Excel | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

Risk Kit Suite | Yes | Excel | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | No |

Risk Solver Pro | Yes | Excel | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes |

Risk Solver Pro + Premium Solver Pro | Yes | Excel | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes |

RiskAmp Personal | No | Excel | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

RiskAmp Professional | No | Excel | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

SAFE TOOLBOXES | Yes | Not required. | Yes | Yes | Yes | Yes | Yes | No | No | Yes | No | Yes | Yes | Yes | Yes |

Simtools xla | No | Excel | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

Similar | No | Excel | N/A | N/A | Yes | Yes | N/A | Yes | Yes | N/A | N/A | N/A | Yes | Yes | N/A |

Simulation Master Premium | Yes | Excel | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | No | No | Yes | Yes | No |

Simulation Master Standard | Yes | Excel | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | No | No | Yes | Yes | No |

YASAI and YASAIw | No | Excel | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Yes | N/A |

Name | UDFs linked to help file^{ [43] } | Interfaces linked to help file^{ [44] } | Help file in PDF | Help file online | Technical support available | Language versions^{ [45] } | Online videos | Online training | Onsite training |
---|---|---|---|---|---|---|---|---|---|

@RISK Industrial | Yes | Yes | Yes | Yes | Yes | ZH, EN, FR, DE, JA, PT, ES | Yes | Yes | Yes |

@RISK Professional | Yes | Yes | Yes | Yes | Yes | ZH, EN, FR, DE, JA, PT, ES | Yes | Yes | Yes |

Argo | No | No | Yes | Yes | Yes | EN | No | No | Yes |

Crystal Ball | No | Yes | Yes | Yes | Yes | EN, JA, ES, DE, FR, PT | Yes | Yes | Via Partners |

Crystal Ball + Decision Optimizer | No | Yes | Yes | Yes | Yes | EN, JA, ES, DE, FR, PT | Yes | Yes | Via Partners |

DiscoverSim + SigmaXL | N/A | Yes | Yes | Yes | Yes | EN | Yes | No | Yes |

Ersatz | No | No | Yes | Yes | Yes | EN | No | No | No |

MC FLO | No | No | Yes | No | Yes | DE, EN, ES | Yes | No | No |

ModelRisk Complete | Yes | Yes | Yes | Yes | Yes | EN | Yes | Yes | Yes |

ModelRisk Basic | Yes | Yes | Yes | Yes | Yes | EN | Yes | Yes | Yes |

Monte Carnival | Yes | Yes | Yes | Yes | Yes | EN | Yes | No | No |

Quantum XL | N/A | Yes | No | No | Yes | EN | No | No | Yes |

Risk Analyzer | N/A | N/A | No | No | Yes | EN | No | ? | ? |

Risk Kit Suite | Yes | Yes | No | No | Yes | EN, FR, DE | Yes | No | Yes |

Risk Solver Pro | Yes | Yes | Yes | Yes | Yes | EN | Yes | Yes | Yes |

Risk Solver Pro + Premium Solver Pro | Yes | Yes | Yes | Yes | Yes | EN | Yes | Yes | Yes |

RiskAmp Personal | No | No | Yes | Yes | Yes | EN | No | No | No |

RiskAmp Professional | No | No | Yes | Yes | Yes | EN | No | No | No |

SAFE TOOLBOXES | No | No | No | Yes | Yes | EN | Yes | No | No |

Simtools xla | No | No | No | No | No | EN | No | No | No |

Similar | No | No | Yes | No | Yes | EN, ES | No | No | No |

Simulation Master Premium | No | Yes | Yes | Yes | Yes | EN | Yes | No | No |

Simulation Master Standard | No | Yes | Yes | Yes | Yes | EN | Yes | No | No |

YASAI and YASAIw | No | No | No | No | No | EN | No | No | No |

- 1 2 @RISK manual version 7.0, Palisade Corporation http://www.palisade.com
- ↑ Booz Allen Hamilton, Argo https://boozallen.github.io/argo/
- 1 2 Crystal Ball manual: Oracle® Crystal Ball http://www.oracle.com/us/products/applications/crystalball/index.html, Fusion addition Release 11.1.1.3 Statistical Guide
- ↑ DiscoverSim Workbook: SigmaXL® DiscoverSim http://www.sigmaxl.com/DiscoverSim_Features.shtml
- ↑ Ersatz website: http://www.epigear.com/index_files/ersatz.html
- ↑ MC FLO online resources: https://www.mcflosim.ch/en/
- 1 2 ModelRisk online help file: http://www.vosesoftware.com/vosesoftware/ModelRiskHelp/
- ↑ "Monte Carlo Simulation Add-In for Microsoft Excel - Monte Carnival".
*montecarnival.com*. Retrieved 2018-01-16. - ↑ Help file downloadable with software at http://www.sigmazone.com/
- ↑ The Risk Kit Suite is available as portable (no admin-rights required) or installer version. It consists of Risk Kit for Monte-Carlo simulations, Risk Kit R for advanced statistical analyses, and Risk Kit Data for an online data feed of financial data and social statistics from the European Central Bank ECB, the World Bank, the Federal Reserve Economic Data FRED, Eurostat and Yahoo!Finance. Risk Kit Suite on corporate website: http://www.wehrspohn.info/Wehrspohn-GmbH-Co-KG.656.0.html?&L=1
- 1 2 Risk Solver online user guide: http://www.solver.com/suppxlsguide.htm
- 1 2 RiskAmp online user guide: http://www.riskamp.com/library/howto.php
- ↑ SAFE TOOLBOXES website: http://www.safetoolboxes.com
- ↑ http://home.uchicago.edu/rmyerson/addins.htm#simt
- ↑ Help file downloadable with software at http://www.simularsoft.com.ar/
- 1 2 "Simulation Master - Monte Carlo Simulation Add-In for Excel".
*Vortarus Technologies LLC*. Retrieved 2018-01-28. - ↑ http://tukhi.com/
- ↑ http://www.yasai.rutgers.edu/
- ↑ http://www.ecy.wa.gov/programs/eap/models.html
- ↑ Excel has tools for calculating correlation statistics for a data set. This refers to the software's ability to fit correlation structures to a data set and, where more than one correlation structure is available, to compare the levels of fit.
- ↑ Some add-ins provide VBA versions of their UDFs, which allow the user to build their own stochastic UDFs in VBA. Some add-ins also provide VBA functions that control a simulation. This allows the user to create VBA macros that will automatically run simulations and generate results.
- ↑ Some add-ins allow calls to C++ routines. These allow the user to create a stand-alone DLL that represents a part of the model which needs to be as fast as possible by making use of the faster performance of the original code (usually C++)
- ↑ Integrable as .NET-assembly
- ↑ Provides the facility to calculate probability mass (or density), cumulative probability, moments, etc. of a distribution directly in the spreadsheet.
- ↑ Standard error messages like #VALUE! when an input parameter is invalid is replaced by a message describing the reason of the error.
- ↑ Tools to evaluate the distribution of the minimum or maximum sample from a set of IIDs
- ↑ Graphical interfaces to facilitate determining distribution of uncertainty of some model parameter based on expert opinion.
- ↑ Some add-ins do not have a custom results viewer and export the data directly into the spreadsheet for analysis using the spreadsheet's native charting and statistical tools. The number of draws is then restricted by the ability of the spreadsheet to handle the size of the generated data.
- ↑ The ability to replace a random variable with a fixed value.
- ↑ Some add-ins allow the user to automatically run a model multiple times replacing decision variables with different values for each simulation run
- ↑ Some add-ins allow the user to run a VBA macro before a simulation (e.g. to import data from an external source), after a simulation (e.g. to export the results to a database) or before or after a random draw of the model (e.g. to perform an optimization).
- ↑ Stopping a simulation run when an output variable generates an error is a useful feature for debugging a model
- ↑ After a simulation run the user is able to insert a specific generated result back into the spreadsheet. This is useful, for example, if one wants to investigate the generated scenario that created the greatest profit or loss.
- ↑ The ability to specify a required level of precision for output results, usually the accuracy with which the mean or a percentile of the output has been determined. Precision control will stop a simulation run when the required accuracy is achieved
- ↑ Some add-ins will create a compiled version of the spreadsheet model before simulation. This has the benefit of a far faster simulation speed, but will not work with many types of models e.g. models that include VBA calls or functions like OFFSET and VLOOKUP.
- ↑ Only Monte Carlo sampling is compatible with copula correlation structures. Using Latin Hypercube or Sobol sampling removes the possibility of using other correlation structures like Archimedean copulas.
- 1 2 3 4 Multiplicative Congruential Generator
- ↑ L'Ecuyer et al. 2002. An object-oriented random-number package with many long streams and substreams. Operations Research 50(6)1073-1075. http://www.iro.umontreal.ca/~lecuyer/myftp/papers/streams00.pdf
- ↑ Exporting file formats to share graphical and statistical results.
- ↑ Ability to change colour schemes, fonts, add markers and legends, etc.
- ↑ See, for example: https://www.google.ca/search?q=spider+sensitivity+analysis&tbm=isch&tbo=u&source=univ&sa=X&ved=0ahUKEwjazfDmvOvJAhVJmR4KHTYJBO4QsAQIIA&biw=1920&bih=906
- ↑ The ability to select a subset of the simulation results (e.g. scenarios that result in a loss) thereby allowing the user to investigate scenarios of greatest interest.
- ↑ In Excel the Insert Function dialog box includes a 'Help on this function'-hyperlink. Some add-ins use this feature to provide a direct link to the applicable help file topic.
- ↑ Some add-ins with visual interfaces and dialog boxes include a help icon that directly links to the applicable help file topic for that interface
- ↑ ZH = Chinese, EN = English, FR = French, DE = German, JA = Japanese, PT = Portuguese, ES= Spanish

- Albright, S. (2011),
*Data Analysis and Decision Making, 4th Edition*, USA: Cengage Learning, ISBN 978-0-538-47612-6 - Charnes, J. (2012),
*Financial Modeling with Oracle Crystal Ball and Excel (2nd edition)*, USA: Wiley, ISBN 978-0-471-77972-8 - Day, A. (2003),
*Mastering Risk Modeling*, Great Britain: Prentice Hall, ISBN 0-273-65978-2 - Evans, J.; Olson, D. (1998),
*Introduction To Simulation And Risk Analysis*, United States of America: Prentice Hall, ISBN 0-13-621608-0 - Iman, R. L. and Conover, W. J., (1982). 'A Distribution-Free Approach to Inducing Rank Order Correlation Among Input Variables', Commun Statist-Simula Computa 11(3) 311-334
- Lehman, D.; Groenendaal, H.; Nolder, G. (2010),
*Practical Spreadsheet Risk Modeling for Management*, United States of America: CRC Press, ISBN 978-1-4398-5552-2 - Machain, L. (2011),
*Simuación de Modelos Financieros*, ISBN 978-987-33-0705-8 - Ragsdale, C. (2008),
*Spreadsheet Modeling & Decision Analysis: A Practical Introduction to Management Science (5th edition)*, Great Britain: Thomson South-Western, ISBN 0-324-65664-5 - Vose, D. (2008),
*Risk Analysis: A Quantitative Guide (3rd edition)*, Great Britain: Wiley, ISBN 978-0-470-51284-5

The **International Standard Book Number** (**ISBN**) is a numeric commercial book identifier which is intended to be unique. Publishers purchase ISBNs from an affiliate of the International ISBN Agency.

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Images, videos and audio are available under their respective licenses.

**Gnumeric** is a spreadsheet program that is part of the GNOME Free Software Desktop Project. Gnumeric version 1.0 was released on 31 December 2001. Gnumeric is distributed as free software under the GNU GPL license; it is intended to replace other spreadsheet programs such as Microsoft Excel (proprietary). Gnumeric was created and developed by Miguel de Icaza, but he has since moved on to other projects. The maintainer as of 2002 was Jody Goldberg.

**Microsoft Access** is a database management system (DBMS) from Microsoft that combines the relational Microsoft Jet Database Engine with a graphical user interface and software-development tools. It is a member of the Microsoft Office suite of applications, included in the Professional and higher editions or sold separately.

A **spreadsheet** is an interactive computer application for organization, analysis and storage of data in tabular form. Spreadsheets developed as computerized analogs of paper accounting worksheets. The program operates on data entered in cells of a table. Each cell may contain either numeric or text data, or the results of formulas that automatically calculate and display a value based on the contents of other cells. A spreadsheet may also refer to one such electronic document.

**Visual Basic for Applications** (**VBA**) is an implementation of Microsoft's event-driven programming language Visual Basic 6, which was discontinued in 2008, and its associated integrated development environment (IDE). Although Visual Basic is no longer supported or updated by Microsoft, the VBA programming language was upgraded in 2010 with the introduction of Visual Basic for Applications 7 in Microsoft Office applications.

**SPSS Statistics** is a software package used for interactive, or batched, statistical analysis. Long produced by SPSS Inc., it was acquired by IBM in 2009. The current versions (2015) are named **IBM SPSS Statistics**.

The Microsoft **Windows Script Host** (**WSH**) is an automation technology for Microsoft Windows operating systems that provides scripting abilities comparable to batch files, but with a wider range of supported features. This tool was first provided on Windows 95 after Build 950a on the installation discs as an optional installation configurable and installable by means of the Control Panel, and then a standard component of Windows 98 and subsequent and Windows NT 4.0 Build 1381 and by means of Service Pack 4. The WSH is also a means of automation for Internet Explorer via the installed WSH engines from IE Version 3.0 onwards; at this time VBScript became means of automation for Microsoft Outlook 97. The WSH is also an optional install provided with a VBScript and JScript engine for Windows CE 3.0 and following and some third-party engines including Rexx and other forms of Basic are also available.

**Monte Carlo methods are used in corporate finance and mathematical finance** to value and analyze (complex) instruments, portfolios and investments by simulating the various sources of uncertainty affecting their value, and then determining the distribution of their value over the range of resultant outcomes. This is usually done by help of stochastic asset models. The advantage of Monte Carlo methods over other techniques increases as the dimensions of the problem increase.

In mathematical finance, a **Monte Carlo option model** uses Monte Carlo methods to calculate the value of an option with multiple sources of uncertainty or with complicated features. The first application to option pricing was by Phelim Boyle in 1977. In 1996, M. Broadie and P. Glasserman showed how to price Asian options by Monte Carlo. In 2001 F. A. Longstaff and E. S. Schwartz developed a practical Monte Carlo method for pricing American-style options.

**Financial modeling** is the task of building an abstract representation of a real world financial situation. This is a mathematical model designed to represent the performance of a financial asset or portfolio of a business, project, or any other investment.

**RATS**, an abbreviation of **Regression Analysis of Time Series**, is a statistical package for time series analysis and econometrics. RATS is developed and sold by Estima, Inc., located in Evanston, IL.

**GNU MCSim** is a suite of simulation software. It allows one to design one's own statistical or simulation models,
perform Monte Carlo simulations, and Bayesian inference through Markov chain Monte Carlo simulations. The latest version allow the use of simulated tempering MCMC simulations.

**Synex Systems Corporation**, a subsidiary of Synex International Inc. was formed in 1983 in an effort to develop software for the microcomputer market and was run by Synex International Vice President Murray Hendren until 1992. In 2002, Synex Systems was acquired by privately owned Lasata Software of Perth, Australia. In 2005, Lasata was acquired by UK based Systems Union. In 2007, Systems Union was acquired by privately held Infor Global Solutions, a U.S. company that specializes in enterprise software.

**Ecolego** is a simulation software tool that is used for creating dynamic models and performing deterministic and probabilistic simulations. It is also used for conducting risk assessments of complex dynamic systems evolving over time.

The **stochastic empirical loading and dilution model** (**SELDM**) is a stormwater quality model. SELDM is designed to transform complex scientific data into meaningful information about the risk of adverse effects of runoff on receiving waters, the potential need for mitigation measures, and the potential effectiveness of such management measures for reducing these risks. The U.S. Geological Survey developed SELDM in cooperation with the Federal Highway Administration to help develop planning-level estimates of event mean concentrations, flows, and loads in stormwater from a site of interest and from an upstream basin. SELDM uses information about a highway site, the associated receiving-water basin, precipitation events, stormflow, water quality, and the performance of mitigation measures to produce a stochastic population of runoff-quality variables. Although SELDM is, nominally, a highway runoff model is can be used to estimate flows concentrations and loads of runoff-quality constituents from other land use areas as well. SELDM was developed by the U.S. Geological Survey so the model, source code, and all related documentation are provided free of any copyright restrictions according to U.S. copyright laws and the USGS Software User Rights Notice.

**SolverStudio** is a free Excel plug-in developed at the University of Auckland that supports optimization and simulation modelling in a spreadsheet using an algebraic modeling language. It is popular in education, the public sector and industry for optimization users because it uses industry-standard modelling languages and is faster than traditional Excel optimisation approaches.