Risk in Excel › Top 5 risk analysis add-ins for Excel

A review by Vose Software, the makers of ModelRisk

5 Best Risk Analysis Add-Ins for Excel

We ran ModelRisk, @RISK, Analytic Solver, Oracle Crystal Ball and RiskAMP side by side. Here is how they compare on methods, results, optimisation and price.

The short answer

For professional risk analysis, ModelRisk gives you the most methods for the money: 136 distributions, 34 time series models and 14 copulas, with the Optimizer and Turbo simulation in every licence, at most €1,550 a year. @RISK is the long-established choice. RiskAMP is the cheapest, for simple models.

Optimizer included
Turbo simulation speed
All features compared

Download free 15-day trial Book a live demo

Last updated October 2026. Prices from the vendors’ websites, retrieved August to October 2026.

What each costs over three yearsList price for one user, in US dollars

RiskAMP$560Professional, one-time, then half-price renewals
ModelRisk≈$5,600Optimizer and Turbo included
Analytic Solver≈$7,500Simulation edition
@RISK Industrial≈$12,600RISKOptimizer included
Crystal BallPrices in the Oracle Store, linked from oracle.com

Before negotiated discounts. Euro prices (ModelRisk, @RISK) converted at the rate on our price list. Sources and dates

The five add-ins at a glance

Listed alphabetically. What you may like, and what you may not, from our side-by-side test.

Analytic Solver

Frontline Systems

Best for: Simulation and optimisation from the makers of Excel’s Solver

Stochastic optimisation
Simulation speed

Limited set of functions
Interface and report design

≈$7,500over 3 years

Read the review ↓

Crystal Ball

Oracle

Best for: Teams with a library of existing Crystal Ball models

Doesn’t change the host model
Some Six Sigma graphics

Latest update August 2024
Not a true Excel add-in

Oracle Storeprices linked from oracle.com

Read the review ↓

Best value

ModelRisk

Vose Software

Best for: Professional risk analysis at a published, moderate price

The widest range of methods
Optimizer and Turbo included

Not as well known as @RISK
Can’t always convert an @RISK model

≈$5,600over 3 years

Read the review ↓

@RISK Industrial

Lumivero

Best for: Teams with a perpetual licence or many @RISK models

Good functionality
Large user base

Price
RISKOptimizer only in Industrial

≈$12,600over 3 years

Read the review ↓

RiskAMP

Structured Data

Best for: Learning and simple models on a small budget

Price
Simplicity

Minimal set of features
Limited results analytics

$560over 3 years

Read the review ↓

Our recommendation

For serious work, the real choice is between ModelRisk, @RISK and Analytic Solver. ModelRisk has the most methods in this review and costs at most €1,550 per user per year. Since October 2026, every licence also includes the ModelRisk Optimizer and the Turbo simulation engine.

@RISK has the largest user base. Lumivero’s web shop lists it at €2,900 (Professional) to €3,500 (Industrial) a year, and RISKOptimizer comes only with Industrial. It makes most sense if you hold a perpetual licence or must keep sharing @RISK models. See our @RISK pricing breakdown and the @RISK alternatives.

Analytic Solver suits teams that want simulation and optimisation from the makers of Excel’s Solver. RiskAMP is the cheapest and fine for learning. Oracle still sells Crystal Ball, with a free trial, but its latest update is from August 2024. Our ModelRisk vs Crystal Ball page has the details.

Price sources. 3-year costs are approximate list prices for one user, before negotiated discounts. Analytic Solver Simulation: $2,500 a year on solver.com (retrieved August 2026). @RISK: €2,900 (Professional) and €3,500 (Industrial) a year on Lumivero’s web shop (retrieved October 2026), converted to US dollars at the same rate as ModelRisk’s prices on this site.

Crystal Ball: Oracle offers a free trial and links its prices to the Oracle Store from its Crystal Ball page (retrieved October 2026). RiskAMP Professional: $279 one-time, with renewals at half price, on riskamp.com (retrieved August 2026). ModelRisk: our published price list.

New in October 2026

Which add-ins include optimisation under uncertainty?

Optimisation finds the decision with the best simulated result, such as which projects to fund or how much stock to hold, while keeping risk within your limits. Every ModelRisk licence now includes it. Here is how you get it in each product.

Optimisation in each product
Product	Optimiser	How you get it
ModelRisk	ModelRisk Optimizer	In every licence, at most €1,550 per user per year
@RISK	RISKOptimizer	Industrial edition only, €3,500 a year. Professional, at €2,900, doesn’t include it
Analytic Solver	Stochastic optimisation, its standout feature	Editions and prices on solver.com
Crystal Ball	Decision Optimizer (OptQuest)	An option for Crystal Ball, or the Crystal Ball Suite that combines the two. Prices in the Oracle Store
RiskAMP	None	Not offered in the version we tested

@RISK: Lumivero’s @RISK feature table and web shop, retrieved October 2026. Crystal Ball: oracle.com, retrieved October 2026. RiskAMP: our test.

Bring your optimisation models across

ModelRisk’s free converters bring @RISK and Crystal Ball models across, RISKOptimizer and Crystal Ball optimisation models included. Converted models stay ordinary Excel workbooks. The whole optimisation can run on the Turbo engine.

How ModelRisk Optimizer works

Compare the optimisers yourself

Our ten optimisation test models come in ModelRisk, @RISK and Crystal Ball versions, ready to run. Try them in each product’s trial and compare the answers on your own PC.

Download the test models

New in October 2026

How much faster is ModelRisk with Turbo?

Switch Turbo on and models often run many times faster than on ModelRisk’s classic engine. ModelRisk analyses the workbook once, compiles only the cells that change between iterations and runs them on every processor core, without Excel recalculating. Turbo is included in every ModelRisk licence.

1,000 iterations, two enginesThe same workbook, at the median speed-up of our tests

Classic engineExcel recalculates the workbook every iteration

0 of 1,000 iterations

TurboAnalyse once, then run only what changes

0 of 1,000 iterations

Press Run both to start the two engines together.

~200×median speed-up, simulation phase

2 in 3test models more than 100× faster

Before a workbook’s first Turbo run, ModelRisk offers to check that Turbo reproduces the classic engine on it, and keeps the result in the workbook.
Optimisation runs many simulations back to back, so this is where the speed matters most.
We don’t publish timings for other add-ins. To compare, time one of your own models in each product’s trial.

Simulation phase only: 89 models from our internal test library, same workbook, 1,000 iterations, Turbo against ModelRisk’s classic engine. Excludes the one-time model analysis and opening the workbook. The gain depends on the model’s structure. How Turbo works

The basics

How do risk analysis add-ins work in Excel?

A spreadsheet model of costs, NPV or sales usually gives one number, with no sense of how far off it could be. A risk analysis add-in replaces the uncertain inputs with probability distributions and recalculates the model thousands of times. You then see the range of outcomes and how likely each one is. That is Monte Carlo simulation.

Our guide to Monte Carlo simulation explains the method. You can also run a simple simulation in Excel with no add-in: our step-by-step guide shows how, and where an add-in starts to pay for itself. If you are still mapping the wider category, start with our overview of risk analysis software.

For this review we installed all five add-ins and put the same models and data through each. The feature counts and checks on this page come from that test. Prices come from each vendor’s website.

The Excel ribbons of all five risk analysis add-ins, running side by side — All five add-ins installed in the same copy of Excel. Swipe to see the whole ribbon.

Before you buy

How do you choose the right add-in?

Start with what your models need. These are the twelve things we would check before paying for any of these tools.

Technical complexity

If you are just adding up costs, any add-in will do. An engineer who needs Weibull distributions, or an analyst fitting log-normals, needs software that has them. The same goes for correlation and time series: check the tool supports what you need before you buy.

Optimisation

If you need to choose decisions as well as measure risk, such as which projects to fund, you need optimisation under uncertainty. Check whether it is in the licence or in a dearer edition.

Simulation speed

Speed matters for big models, for tail probabilities that need hundreds of thousands of samples, and for optimisation, which runs many simulations back to back. Time one of your own models in each trial.

Distribution tools

Some models need more than basic distributions. Convolution (summing distributions in one cell), extreme values and reverse convolution save you from awkward workarounds. Not every add-in offers them.

Interface

You will spend a lot of time looking at distribution plots and results windows. At minimum you want clear charts of each distribution. Sliders that let you explore probabilities on the fly make a real difference day to day.

Random numbers

All five products use the Mersenne Twister generator, the industry standard. What matters more is seed control, so you can reproduce a run, and a way to find the scenario behind a rare outcome.

Community and compatibility

If your organisation already uses one tool, there is a pull to stay with it. Switching can still save a lot across a large team, and model converters make the move easier.

Technical support

Excel updates break add-ins more often than you would expect, and IT policies can block installs. Before you buy, send each vendor’s support team a question and see how quickly and how well they answer.

Example models and training

Good example models save hours of trial and error. Some vendors also offer courses, consulting or training, which helps if your team is new to quantitative risk analysis.

Reporting

Your results will end up in a report or a slide. Tools that export charts and tables directly, and rebuild them when the inputs change, save a lot of copying and pasting.

Trial versions

Most of these products offer a free trial, typically 15 days: enough to build a test model and see how the tool feels. When ModelRisk’s trial ends, it drops to a free basic edition rather than stopping.

Pricing

Prices vary enormously. The comparison table shows what you pay over one, two and three years, and the methods you get for each $1,000.

The review

The five products reviewed

Listed alphabetically. Each review covers what the product is, what it costs and where it falls short. On a phone, swipe each ribbon to see all of it.

Analytic Solver

Frontline Systems

Analytic Solver, from Frontline Systems, combines Monte Carlo simulation with optimisation. Its standout feature is stochastic optimisation: you choose the decision cells and the tool optimises against simulated outputs, such as risk-adjusted profit.

The simulation engine is fast, since Frontline knows Excel’s calculation engine inside out. It also offers AI-driven assistance and web publishing, though its Monte Carlo feature set is narrower than some competitors’.

Price: $2,500 a year for the Simulation edition (solver.com, August 2026)
Methods: 47 distributions, about 270 functions in our test
Optimisation: Stochastic optimisation
Converts: @RISK models
Best for: Simulation and optimisation from the makers of Excel’s Solver

Strengths

Stochastic optimisation
High-speed simulation

Limitations

Limited set of functions
Interface and report design

Oracle Crystal Ball

Oracle

Crystal Ball was one of the first Monte Carlo tools for spreadsheets. Decisioneering built it, and Oracle sells it today. Instead of putting distribution functions in cells, Crystal Ball keeps each assumption’s distribution in its own data and enters a value into the cell on every trial.

Oracle offers a free trial and four editions: Crystal Ball, the Decision Optimizer option, the Suite that combines the two, and a Classroom Edition. Its downloads page lists release 11.1.3.0.0, from May 2022. The latest update in Oracle’s compatibility matrix, 11.1.3.0.100, is from August 2024. For a full comparison, see ModelRisk vs Oracle Crystal Ball.

Price: In the Oracle Store, linked from oracle.com (October 2026)
Methods: 22 distributions, about 35 functions in our test
Optimisation: Decision Optimizer, an option, or the Crystal Ball Suite
Converts: No converter
Best for: Teams with a library of existing Crystal Ball models

Strengths

Long track record, one of the first spreadsheet Monte Carlo tools
Free trial from Oracle

Limitations

Latest update August 2024, per Oracle’s compatibility matrix
Not a native Excel add-in
Optimisation is a separate option

ModelRisk

Vose Software

ModelRisk was built to fill the gaps left by earlier tools. It brought time series, copulas and thorough distribution fitting to risk analysis in Excel. It has the largest function library in this review: 136 distributions, 34 time series models, 14 copulas and over 1,400 functions.

Since October 2026, every licence includes the ModelRisk Optimizer and the Turbo simulation engine. Results open in the Results Viewer window, where you arrange charts and tables in tabs and export them to Excel, Word, PowerPoint or PDF.

Price: At most €1,550 per user per year (price list)
Methods: 136 distributions, 34 time series models, 14 copulas, 1,400+ functions
Optimisation: ModelRisk Optimizer, in every licence
Converts: @RISK and Crystal Ball models, free
Best for: Professional risk analysis at a published, moderate price

Strengths

The widest range of methods in this review
Optimizer and Turbo in every licence
Results Viewer window with export to Office and PDF

Limitations

No built-in decision trees: Vose Software’s separate ModelChoice add-in covers them
Not as well known as @RISK

@RISK

Lumivero (formerly Palisade)

@RISK (pronounced “at risk”) is the Monte Carlo add-in for Excel sold by Lumivero, formerly Palisade. It adds distributions, simulation, sensitivity charts and reports to Excel, and it has a large, long-established user base. Lumivero’s web shop lists it at €2,900 (Professional) to €3,500 (Industrial) a year. RISKOptimizer comes only with Industrial.

It covers much of the same ground as ModelRisk, without some of the more specialised functions. The sticking point is price: @RISK Industrial costs more than twice ModelRisk’s €1,550 maximum. If you are weighing up a switch, read our guide to switching from @RISK.

Price: €2,900 to €3,500 a year (Lumivero web shop, October 2026)
Methods: 56 distributions (plus 48 reparameterised forms), about 250 functions in our test
Optimisation: RISKOptimizer, in Industrial only
Converts: Crystal Ball models
Best for: Teams with a perpetual licence or a large library of @RISK models

Strengths

Stable, well-established product
Large user base

Limitations

High price
RISKOptimizer only in the Industrial edition
Fewer tools for complex modelling

RiskAMP

Structured Data

RiskAMP is a low-cost Monte Carlo add-in for Excel from Structured Data. It costs $279 one-time for the Professional edition, with a year of updates, or $19 a month on subscription (riskamp.com, retrieved August 2026).

It is the cheapest option by a wide margin, and fine for learning the basics. The feature set is minimal and the interface bare, so it isn’t really built for professional work. You outgrow it when you need more than one correlation model, time series or distribution fitting.

Price: $279 one-time (Professional) or $19 a month
Methods: 65 distributions, about 105 functions in our test
Optimisation: None
Converts: No converter
Best for: Learning Monte Carlo simulation, and simple models on a small budget

Strengths

Low cost
Simple to use

Limitations

Limited features and interface
No distribution fitting or time series

Using @RISK today?The free converter brings your @RISK models into ModelRisk, RISKOptimizer models included.

See how switching works Download free 15-day trial

A closer look

How well does each add-in fit distributions to data?

Fitting is a good test of a product’s technical depth and its interface. We fed the same data set into the four tools that fit distributions (RiskAMP doesn’t). Three things to watch for:

Beware the Uniform fit

Some tools will fit a Uniform distribution to your data, taking the smallest and largest values seen as its limits. That says the variable can never fall outside what you have already observed, a risky assumption with small samples.

Parameters move

Fit a Normal to three data points and its mean and standard deviation jump around when you add a fourth. With fifty points they barely move. Simulating that parameter uncertainty keeps a model honest.

More parameters fit better

A four-parameter distribution always fits data better than a two-parameter one, because it is more flexible. Information criteria such as AIC correct for that, where older goodness-of-fit tests don’t.

Analytic Solver

Analytic Solver’s fitting works well, but the fitted function can’t refer to the source data. If your data changes, you fit again by hand. It also leaves parameter uncertainty out of the model.

Oracle Crystal Ball

Crystal Ball still ranks fits with older goodness-of-fit tests (Anderson-Darling, Chi-squared) rather than information criteria. In our test this put a four-parameter Beta above the Normal that actually generated the data, a classic case of overfitting. Like Analytic Solver, it can’t link the fit to the data and ignores parameter uncertainty.

ModelRisk

ModelRisk ranks fits by information criteria (SIC, HQIC and AIC). The fitted function can refer to the source data, so the model updates when the data changes. It is the only tool here that carries parameter uncertainty into the simulation itself, shown as the spread of fitted lines. A Normal fitted to the data looks like this:

=VoseNormalFit(C3:C423)

@RISK

@RISK’s fitting is decent, though it doesn’t apply its criteria the same way to every distribution (note the Uniform result). It can refer to the source data. Parameter uncertainty appears in the fitting window but isn’t carried into the simulation, and the mode it shows has no real statistical meaning. A fitted Normal looks like this:

=RiskNormal(2.1785,3.052,RiskFit("Dataset 2","AIC"),RiskName("Dataset 2"))

A closer look

How does each add-in present the results?

How you view and share results varies a lot between products. Here is what each one shows after a simulation run. RiskAMP’s results tools are minimal, so it isn’t shown.

Analytic Solver

After a simulation, Analytic Solver shows small charts for each input and output cell. Click one to open a full-size chart you can edit. Tip: turn off the default 3D effect, which makes the charts harder to read.

Oracle Crystal Ball

Crystal Ball opens a swarm of pop-up charts when the simulation finishes. They look reasonable, but managing dozens of floating windows, and working out which output is which, soon gets tiring.

ModelRisk

ModelRisk’s Results Viewer window stays open during the simulation and updates live. Set up tabs of charts and tables, arrange them as you like, and export them to Excel, Word, PowerPoint or PDF. The settings are saved in the workbook, so your charts come back on the next run.

Colleagues without ModelRisk can open a copy made with the SWAP tool, where each ModelRisk function becomes a fixed, annotated value. Our sensitivity analysis guide shows how its tornado and spider charts rank the inputs.

@RISK

@RISK shows a live chart during the simulation, and you can flip between outputs with Alt+right arrow. Small icons switch the graph type. Afterwards you reach results through the Reports menu, which takes several clicks. For several charts side by side you juggle separate windows, which is awkward with large models.

A closer look

Which add-ins draw decision trees?

Decision trees map a sequence of decisions and chance events as a branching diagram. They are the right tool when the question is a series of choices, such as invest or wait, test or launch. Analytic Solver includes decision trees in its Simulation edition. @RISK users get PrecisionTree, which Lumivero now sells only inside its DecisionTools Suite.

A decision tree built in Analytic Solver, drawn with shapes over the worksheet — A tree built in Analytic Solver. The lines are shapes drawn over the cells, so they drift out of place when you move a row or resize a column.

A ModelChoice decision tree drawn and managed directly on an Excel worksheet — A tree built in ModelChoice. The add-in draws it, keeps it aligned and solves it again whenever an assumption changes.

Vose Software’s ModelChoice add-in rolls the tree back automatically and adds the analyses that make a tree defensible: sensitivity, risk profile, robustness, value of information (EVPI) and multi-criteria scoring. It imports PrecisionTree models with one click.

ModelChoice pairs naturally with ModelRisk: the tree for the decision structure, simulation for the uncertainty inside each branch. We compare seven decision-analysis tools, PrecisionTree, DPL, Analytica and TreeAge among them, in the top 7 decision analysis tools.

Side by side

Feature comparison table

The checks come from our test of each product, on the versions listed. ModelRisk is the October 2026 release. Prices are list prices from each vendor’s website (note 8).

Compare ModelRisk with

Features of the five add-ins. Green marks the best value in a row, red the weakest.
Product	Analytic Solver	Crystal Ball	ModelRisk	@RISK Industrial	RiskAMP
Version tested	2023 Q3	11.1.3	October 2026 release	8.1.1	5.16
Cost, US dollars, list price for one user ⁸
1 year	2,500	Oracle Store⁹	1,850	4,180	279
2 years	5,000	Oracle Store⁹	3,700	8,370	420
3 years	7,500	Oracle Store⁹	5,560	12,550	560
Feature counts, from our test
Unique distributions	47	22	136	56	65
Extra reparameterised distributions	0	0	12	48	0
Correlation models (copulas)	6	1	14	6	1
Time series models	0	1	34	13	0
Functions (approx.)	270	35	1,435	250	105
Languages other than English	0	0	6	1	0
Value for money
Distributions per $1,000 (3-year cost)	6	n/a⁹	24	4	116
Functions per $1,000 (3-year cost)	36	n/a⁹	258	20	188
General
Follows Excel add-in rules				Mostly
Function swap
Cloud deployment possible
Interface adapts to your usage¹
Simulation
Monte Carlo simulation
Fast simulation mode¹³	PSI Interpreter	¹³	Turbo	Multi-core	Fast mode
Multiple simulation runs for scenarios
Run macros during simulation
VBA and C++ functionality
Control of precision of results
Demo mode
Independent streams for variables
Recall sample in model
Normal(3,0)=3²
Convolution tool
Reverse convolution tool
Interface
Graphical interfaces
One click opens the relevant interface
Help file integration
Functions return informative messages
Fitting
Distribution fitting
Correlation fitting
Time series fitting				Mostly
Modern (information criteria) fit statistics
Link fitted model to data
Parameter uncertainty simulated
Simulation results
Results in an interactive window
Histogram and cumulative plots
Box, scatter and trend plots
Single window for results
Export to		Excel	Excel, Word, PowerPoint, PDF	Excel, PDF	Excel
Share results with people who don’t have the add-in	³		⁴
Six Sigma statistics
Related tools
Stochastic optimisation		Option⁶	¹⁰	¹²
Decision trees			¹¹	⁵
Data interrogation	⁷
Stochastic numerical integration
Stochastic differential modelling
Extreme value modelling
Model converters for	@RISK		@RISK, Crystal Ball	Crystal Ball

Green marks the best figure in a row and red the weakest.

Notes

ModelRisk’s ribbon can be set to show only the tools for your industry or type of analysis.
Whether functions return correct values, not errors, at the edges of their parameters.
Through visualisation tools such as Power BI or Tableau.
Export results to Excel, Word, PowerPoint or PDF. The SWAP tool makes a plain-Excel copy of the model, with each ModelRisk function turned into a fixed, annotated value, that anyone can open.
PrecisionTree, which Lumivero sells only inside its DecisionTools Suite (€3,680 to €4,790 a year, retrieved October 2026).
Decision Optimizer, an option for Crystal Ball, or the Crystal Ball Suite that combines the two (oracle.com, October 2026).
Frontline sells a Data Mining tool separately, at extra cost.
List prices as published: Analytic Solver Simulation $2,500 a year (solver.com, August 2026); @RISK Professional €2,900 and Industrial €3,500 a year (Lumivero web shop, October 2026, converted to US dollars at the same rate as ModelRisk’s prices on this site); RiskAMP Professional $279 one-time with renewals at half price (riskamp.com, August 2026); ModelRisk from our price list. Negotiated prices may differ.
Oracle lists Crystal Ball prices in the Oracle Store, linked from its Crystal Ball page (October 2026). They are not included here, so value-for-money figures are not worked out.
ModelRisk Optimizer, included in every ModelRisk licence.
Available from Vose Software as ModelChoice, a separate decision-analysis add-in: trees on the worksheet, EVPI, robustness, multi-criteria analysis and one-click PrecisionTree import.
RISKOptimizer, in @RISK Industrial. @RISK Professional doesn’t include it (Lumivero’s @RISK feature table, October 2026).
What each add-in offers to speed up simulation, from the vendors’ websites (October 2026): Analytic Solver’s PSI Interpreter; @RISK’s multi-core and multiple-CPU support, in Industrial only (Lumivero’s @RISK feature table); RiskAMP’s fast mode, added in RiskAMP 7, after the version we tested. Oracle removed Crystal Ball’s Extreme Speed mode in release 11.1.2.4.850, so Crystal Ball simulates at normal speed. ModelRisk has the Turbo engine. We don’t publish speed comparisons between products: try your own model in each trial.

Questions

Frequently asked questions

What is the best risk analysis add-in for Excel?

It depends on your needs. ModelRisk offers the widest technical feature set in this review (136 distributions, 34 time series models, 14 copulas and over 1,400 functions) at a published price, and every licence includes the Optimizer and Turbo simulation. That makes it the best value overall.

Analytic Solver is a strong choice if you want simulation and optimisation from the makers of Excel’s Solver, and RiskAMP is the cheapest option for basic Monte Carlo work.

How much does Monte Carlo simulation software for Excel cost?

Published list prices: RiskAMP Professional $279 one-time (riskamp.com, August 2026); Analytic Solver Simulation $2,500 a year (solver.com, August 2026); @RISK €2,900 (Professional) to €3,500 (Industrial) a year on Lumivero’s web shop (October 2026). ModelRisk costs at most €1,550 per user per year, with the Optimizer and Turbo included; see our price list. Oracle lists Crystal Ball prices in the Oracle Store, linked from its Crystal Ball page.

Is Oracle Crystal Ball still a good choice?

Oracle still sells Crystal Ball, offers a free trial and links its prices to the Oracle Store. Its downloads page lists release 11.1.3.0.0 from May 2022, and the latest update in Oracle’s compatibility matrix is from August 2024. In our test it had the smallest feature set in this review (22 distributions and around 35 functions), and it is not a native Excel add-in.

If you are choosing today, compare it with the alternatives first: see ModelRisk vs Oracle Crystal Ball.

What is the cheapest Monte Carlo add-in for Excel?

RiskAMP, at $279 one-time for the Professional edition or $19 a month on subscription (riskamp.com, retrieved August 2026). It covers basic Monte Carlo simulation, but its feature set is minimal and its results tools are limited, so it suits learning and simple models rather than professional risk analysis.

Can I convert @RISK or Crystal Ball models to another add-in?

ModelRisk includes free converters for both @RISK and Crystal Ball models, the only product in this review that converts both. They bring optimisation models across too, from RISKOptimizer and from Crystal Ball. Analytic Solver converts @RISK models, and @RISK converts Crystal Ball models. Converted ModelRisk models stay ordinary, readable Excel workbooks.

Which Excel risk add-in has decision trees?

Analytic Solver includes decision trees in its Simulation edition. PrecisionTree is no longer sold on its own: Lumivero’s shop lists it only inside the DecisionTools Suite, at €3,680 to €4,790 a year (retrieved October 2026). Vose Software offers ModelChoice, a decision-analysis add-in that draws trees on the worksheet, rolls them back automatically, and adds EVPI, robustness and multi-criteria analysis, with one-click import of PrecisionTree models. Crystal Ball and RiskAMP don’t offer decision trees.

We compare decision-analysis tools in the top 7 decision analysis tools.

Does ModelRisk support stochastic optimisation?

Yes. ModelRisk Optimizer, included in every ModelRisk licence, searches for the decisions that give the best simulated result, such as the highest mean NPV with at most a 10% chance of a loss. The converters bring RISKOptimizer and Crystal Ball optimisation models across, and the optimisation can run on the Turbo engine.

How fast is ModelRisk’s Turbo engine?

Across 89 models from our internal test library, Turbo’s simulation phase ran a median of about 200 times faster than ModelRisk’s classic engine, and two in three of them more than 100 times faster (same workbook, 1,000 iterations, excluding the one-time model analysis and opening the workbook). The gain depends on the model.

Turbo is in every ModelRisk licence. We don’t publish timings for other add-ins, so time one of your own models in each product’s trial.

Try ModelRisk on your own models

Download the free 15-day trial, fully functional with the Optimizer, Turbo and both converters. If you’d rather see it first, we’ll walk you through it on a call.

Download free 15-day trial Book a live demo

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@RISK, RISKOptimizer and PrecisionTree are trademarks of Lumivero, LLC. Oracle and Crystal Ball are registered trademarks of Oracle and/or its affiliates. OptQuest is a trademark of OptTek Systems, Inc. Analytic Solver is a trademark of Frontline Systems, Inc. RiskAMP is a trademark of Structured Data, LLC. Vose Software is not affiliated with these vendors. Third-party prices and details are quoted from the named public sources, with the dates shown, and may change.