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In This Newsletter
ModelRisk 3.0 Standard Version released!
Fitting distributions to data
New Features: three new distributions
Come and meet us
ModelRisk 3.0 Standard Version released!
There are now three versions of ModelRisk available: Standard version, which provides a complete set of Monte Carlo simulation tools within Excel; Professional version, which extends this capability with a wide range of powerful tools based on their unique object modeling; and the Professional Plus version which allows the user to develop special applications by calling ModelRisk routines from within VBA or C++. Click here for a comparison of features.
Fitting distributions to data
A common task in risk analysis is fitting a probability distribution to a set of observations for a variable. One does this to be able to make forecasts about the future. Unfortunately, the methods they use to measure the goodness of fit in common risk analysis software are wrong and very limited in the types of data that they can use. This paper explains why, and describes the ModelRisk method that is both correct and sufficiently flexible to handle any type of data set.
New Features: three new distributions
We have added three more distributions (LognormalAlt, WeibullAlt and LogLogisticAlt) to all versions of ModelRisk to help expert estimation of variables like time to complete a task, a cost, a lifetime, etc. Each distribution has been added to the expert elicitation window as well as appearing in the distribution palette. ModelRisk now offers 110 unique distributions.
Our free guide will help you figure out which one is right for your specific problem.
Come and meet us
In an effort to get to understand the needs of our clients current and prospective, we have started to offer informal receptions where we chat about risk analysis, meet fellow risk professionals and enjoy a good glass of wine without any sales pitches or speeches.
If you are interested in meeting us and other risk professionals, send an email to reception@vosesoftware.com so we can put your city in our calendar.