Preparing a risk analysis model for upload to ModelRisk Cloud | Vose Software

Preparing a risk analysis model for upload to ModelRisk Cloud

When another User opens one of your Models, he or she will be able to see any worksheet that you have not hidden in your Excel/ModelRisk Model, and will be able to edit any cell that you have not locked. The spreadsheet interpreter that presents the view of the Model is not able to identify ModelRisk functions so cells containing them, or cells dependent on others containing ModelRisk functions, will appear as having an error. Taking these into consideration, it is recommended that you prepare a Model with the following steps:

·         Bear in mind when building the Model logic that it should work with any combination of allowed input parameters, so build a logic that works with all possible allowed parameter combinations

·         Place any input parameters that the risk manager should be allowed to edit into one or more suitably named worksheets of the Excel/ModelRisk Model and place the logic of the Model in separate worksheets. Label these parameters well, and consider placing default values next to the editable cells for reference

·         Consider making use of multiple simulations. ModelRisk allows the User to run multiple simulation runs of the same Model automatically. In combination with the VoseSimTable function, this means that you can construct your Model to simulate different scenarios and plot the results together for comparison. In the Simulations Settings control of ModelRisk, adjust the number of simulations to be run as appropriate, which will be stored in the Model. ModelRisk Cloud will then always run that number of simulations. Review the ModelRisk help file for more information

·         For each cell containing an editable input parameter:

o   Use Excel’s Data Validation tool to limit the input values so that the Model will not accept invalid values (for example, restricting values to lie between 0 and 1 for a  fraction). ModelRisk Cloud’s spreadsheet interpreter will respect these input restrictions and even show the warning popup if a User attempts to enter an invalid value

o   Use a different cell format to make it obvious that these are the cells that can be edited

o   Unlock these cells by, for example, highlighting the cells, right-click, selecting Format Cells | Protection and de-selecting Locked

·         Hide all other worksheets in the Model by right-clicking the sheet tab and selecting Hide

·         Advisable: Choose a lock password, and add it to an empty cell somewhere consistent (like cell A1 in the first visible sheet). No person will be able to unlock the Model from within ModelRisk Cloud, but it’s a useful backup if you lose the unlocked copy of the Model

·         Lock the Model by selecting Protect Workbook in Excel’s Review tab

·         Run simulations on the Model, testing out different combinations of input parameters and making sure the outputs look reasonable within the ResultsViewer

·         Run a simulation using the default input parameter values (the ones you will have in the Model for upload) and create the different charts and statistical tables in the ResultsViewer that you want a manager to see. Bear in mind that if you are allowing a User to change some parameters which could vary the range of results significantly, it would be better to allow the ResultsViewer to determine axis scaling automatically (the default). The report format will be saved with the Model, and finally …

Save the model



Monte Carlo simulation in Excel. Learn more

Spreadsheet risk analysis modeling


Adding risk and uncertainty to your project schedule. Learn more

Project risk analysis


Enterprise Risk Management software (ERM)

Learn more about our enterprise risk analysis management software tool, Pelican

Enterprise risk management software introduction