Which is the best Monte Carlo add-in for Risk Analysis?

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In this post, I present six of the most common Monte Carlo risk analysis add-ins for Excel. You can download a PDF version of this document here. The range of Monte Carlo risk analysis software products has grown significantly in the last few years. Up until about five years ago there were really only two products available: @RISK and Crystal Ball – but there is now a much wider choice. Moreover, PMI asks a lot of questions regarding Monte Carlo at the PMI-RMP exam.


In this post you can find information about the following products (click to see the official introductory videos):

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Note: PMI, PMP, and PMBOK Guide are registered marks of the Project Management Institute, Inc


One thought on “Which is the best Monte Carlo add-in for Risk Analysis?

    ilias said:
    07/03/2015 at 22:52

    While managing a project, you would have faced numerous situations where you have a list of potential risks for the project, but you have no clue of their possible impact on the project. To solve this problem, you can consider the worst­case scenario by summing up the maximum expected values for all the variables. Similarly, you can calculate the best­case scenario. You can now use the Monte Carlo analysis and run simulations to generate the most likely outcome for the event. In most situations, you will come across a bell­shaped normal distribution pattern for the possible outcomes.

    Thank you Thanasis for this very enlightening article!

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