ModelRisk
features
Some of the key features
Monte Carlo simulation
ModelRisk has a comprehensive range of tools to run Monte Carlo simulations within Excel. Results are presented in a separate window that allows you to customize, save and share a comprehensive range of graphical and statistical analyses.
Distributions
ModelRisk incorporates a truly complete range of distributions. Graphical interfaces, categorization by function, fitting to data and a detailed interactive guide on the theory and use of each distribution help ensure that you find the correct distribution for your problem. You can also create your own distribution using the shaper tool.
Correlation
Modeling any correlated behavior between distributions is a critical component in risk analysis. ModelRisk allows the user to visualize and fit correlation structures to data through its copula tools. Through its unique approach to correlating variables, any number of distributions can be correlated. ModelRisk's own data copula offers a powerful way to replicate any unusual correlation pattern.
Time series
Uniquely, ModelRisk has built-in tools for simulating time series, together with graphical interfaces and fitting to data to ensure you understand and select the right time series model. The custom time series tools also let you create your own expert-based forecasts.
Database connectivity
ModelRisk’s DataObject tool allows the user to create links to unopened Excel files or various types of databases. An SQL wizard guides the user to select what is required from the database, and a preview feature shows the selected data. The data can then be used in various ways within ModelRisk, including fitting to distributions, correlation structures and time series models.
Ordinary Differential Equation tool
ModelRisk’s Ordinary Differential Equation (ODE) tool numerically evaluates a system of ordinary differential equations. The user can specify any differential equations that can be described with Excel functions. One or more time stamps (specific points in time) can be specified for the evaluation of the variable(s). The interface will plot any variable against time or any two variables together
Features summary
| Features | ||
|---|---|---|
Simulation |
Unrestricted speed and model size | |
| Monte Carlo simulation | ||
| Multiple simulation runs for scenarios | ||
| Run macros before, during or after simulation | ||
| VBA and C++ calls to ModelRisk functions | ||
| Control of precision of results | ||
Reporting |
Full graphical simulation reports | |
| Full statistical reports | ||
| View simulation results statistics in spreadsheet | ||
| Export results to PowerPoint, Word, PDF or Excel | ||
| Share results using Results Viewer | ||
| Sensitivity and scenario analysis | ||
| Statistical reporting functions in spreadsheet | ||
Compatibility |
Tamara (project risk) | |
| Results Viewer (results sharing) | ||
| Pelican (enterprise risk management) | ||
| ModelRisk Cloud (online sharing of models) | ||
Features by numbers |
Number of distributions | 136 |
| Number of correlation models (copulas) | 14 | |
| Number of time series | 34 | |
| Total number of functions | 1203 | |
Fitting |
Fitting distributions to data | 95 |
| Fitting correlation structures to data | 11 | |
| Fitting time series to data | 25 | |
| Statistical fit results in spreadsheet | ||
| Distribution splicing | ||
| Bayesian averaging for fitted models | ||
Ease-of-use features |
One-click function view | |
| @RISK and Crystal Ball converters | ||
| Full help file and example models | ||
| Informative error messages | ||
| Function descriptions in spreadsheet | ||
| Parameter descriptions in spreadsheet | ||
Technical tools |
Assumption and result sharing between models (SIDs) | |
| Expert elicitation tools | ||
| Data Viewer | ||
| Combining expert estimates | ||
| Extreme Value tools | ||
| Database connectivity | ||
| Bounded, shifted distributions | ||
| Probability calculations | ||
| ModelRisk objects | ||
| Markov chain tools | ||
| Bootstrap tools | ||
| Stop Sum and Sum Product tools | ||
| Risk Event tool | ||
| Six Sigma support | ||
| Ordinary differential equation simulation | ||
| Numerical integration and Interpolation | ||
Industry tools |
Financial tools | |
| Insurance tools | ||
| PK/PD pharma tool |
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