ModelRisk is a Monte Carlo simulation FREE Excel add-in that allows the user to include uncertainty in their spreadsheet models. ModelRisk has been the innovation leader in the marketplace since 2009, being the first to introduce many technical Monte Carlo method features that make risk models easier to build, easier to audit and test, and more precisely match the problems you face.
This great free tool was flagged to us by our friend and contributor Alex Sidorenko, founder of the well known Risk Academy. Below you can find the main features of this free tool, the download links, including free example models that you can use to quickly start working on your models. We have also included Alex Sidorenko’s personal review of this software, providing his insights and opinion, which adds value to the community, considering Alex’s extensive experience using multiple Risk Management solutions.
Why Use ModelRisk to do Risk Analysis?
Vose Software, the company behind ModelRisk, and other integrated suites of state-of-the-art risk analysis and management tools, addresses three main questions every decision-maker needs to know:
- How sure are we about the predictions made with our Excel model?
- How vulnerable are the predictions for unplanned events?
- What effective ways are there to control the risk?
Vose Software offers ModelRisk as a free risk analysis add-in for Excel that can provide the tools to answer these questions.
What Is ModelRisk?
ModelRisk is a Monte Carlo simulation Excel add-in that allows the user to include uncertainty in their spreadsheet models. ModelRisk has been the innovation leader in the marketplace since 2009, being the first to introduce many technical Monte Carlo method features that make risk models easier to build, easier to audit and test, and more precisely match the problems you face.
A ModelRisk user replaces uncertain values within their Excel model with special ModelRisk quantitative probability distribution functions that describe the uncertainty about those values. ModelRisk then uses Monte Carlo simulation to automatically generate thousands of possible scenarios.
Typical Questions That Can Be Answered with ModelRisk
At the end of the Monte Carlo simulation run, which typically takes a few seconds, the results are displayed in a variety of graphical and statistical formats that will tell you things like:
- How likely is it we will come under budget?
- Which investment gives me the greatest return for a given level of risk?
- How exposed are we to changes in energy price?
- How much capital do we need to be 95% sure of having enough for the project?
- How much do we need to hold in reserve to be 90% sure of covering the risks in our business?
- What is driving the success of our venture and how do we manage that?
Risk Academy’s Alex Sidorenko Review
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I am a professor. I want to use ModelRisk Basic which is being advertised as free. I downloaded it but I get the message that it is a trial version and will expire in 15 days. Please advise. Thanks
There is another alternative available with an unlimited free trial version and heavy discounts for academic use: http://www.eniacsim.com