ModelRisk Description
ModelRisk is an Excel add-in designed for Monte Carlo simulations, enabling users to incorporate uncertainty into their spreadsheet models. Since its inception in 2009, ModelRisk has set the standard for innovation in the industry, pioneering numerous technical features related to Monte Carlo methods that simplify the construction, auditing, and testing of risk models while ensuring they align more closely with real-world challenges. By substituting uncertain values in Excel with specialized ModelRisk probability distribution functions, users can accurately represent the uncertainty surrounding those values. Following this, ModelRisk employs Monte Carlo simulation techniques to automatically produce thousands of possible scenarios. Similar to how Excel serves various analytical purposes, ModelRisk specifically evaluates the uncertainty inherent in the numerical output of Excel models. This tool has been utilized by users across a wide array of industries for risk analysis, showcasing its versatility and effectiveness in addressing uncertainty. Additionally, the ability to visualize the results enhances user understanding and supports informed decision-making.
ModelRisk Alternatives
GOAT Risk
GOAT Risk™, Easy-to-use, Low-Cost, Risk Management Software
The painless way to manage your risk so you can focus on managing your business.
GOAT's low-cost, secure and simple risk management software tool allows you to collaborate, track, report, and manage your business risks from anywhere in the world. All for the price of a daily coffee.
Subscriptions starting at £30/mo
Perfect for non-risk experts:
Risk experts created it - so you don’t have to be one. It comes with pre-populated templates, risk tips and explanations. Anyone can use it without any prior training.
Works 'straight out of the box'
There are no lengthy consultations or expensive, drawn-out implementations. It is ready to use right out of the box. In just minutes, you can start managing your risks.
Low cost and transparent pricing
Select a plan that suits your needs starting from just £30/mo. You can cancel at any time. It's risk-free!
Learn more
Innoslate
SPEC Innovations’ leading model-based systems engineering solution is designed to help your team minimize time-to-market, reduce costs, and mitigate risks, even with the most complex systems. Available as both a cloud-based and on-premise application, it offers an intuitive graphical user interface accessible through any modern web browser.
Innoslate's comprehensive lifecycle capabilities include:
• Requirements Management
• Document Management
• System Modeling
• Discrete Event Simulation
• Monte Carlo Simulation
• DoDAF Models and Views
• Database Management
• Test Management with detailed reports, status updates, results, and more
• Real-Time Collaboration
And much more.
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Tempo Portfolio Manager
Tempo Portfolio Manager (formerly LiquidPlanner) is a dynamic project scheduling and resource management platform that uses predictive AI to forecast when work will realistically be completed. Its scheduling engine runs Monte Carlo simulations using team bandwidth, task priorities, and ranged estimates to deliver completion forecasts with up to 90% confidence. Automatic resource leveling adjusts schedules instantly when priorities shift or team availability changes, highlighting bottlenecks and preventing burnout.
Teams plan, predict, and optimize complex portfolios across the entire organization from a single workspace, replacing static plans that are out of date the moment they are saved. By modeling uncertainty directly with ranged estimates – best-case and worst-case bounds rather than a single guess – Portfolio Manager gives leaders a realistic view of delivery dates and resource demand instead of false precision, surfacing bottlenecks before they derail delivery and protecting teams from overcommitment.
Portfolio Manager is part of Tempo's broader Strategic Portfolio Management portfolio, a connected set of tools spanning planning, resourcing, cost, and reporting for delivery-focused organizations. Teams can pair predictive scheduling with Tempo's time, cost, and portfolio tools to connect realistic forecasts with the work that delivers them.
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Analytic Solver
Analytic Solver Optimization is fully compatible with the Excel Solver, designed to tackle any conventional optimization issue, regardless of its size or type, without accommodating uncertainty. What sets it apart from other optimization tools is its ability to conduct an algebraic analysis of your model's structure while efficiently utilizing multiple cores on your computer for enhanced performance. This software can manage nonlinear models that are ten times larger and linear models that are forty times larger than those solvable by the Excel Solver, providing solutions at a significantly faster pace, along with the capability to integrate Solver Engines that can accommodate millions of variables. Additionally, Analytic Solver Simulation offers an intuitive interface for rigorous Monte Carlo simulations, risk analysis, decision trees, and simulation optimization, all powered by Frontline's sophisticated Evolutionary Solver. It features an impressive array of 60 probability distributions, including complex compound distributions, automatic fitting for these distributions, along with rank-order and copula-based correlations, plus 80 different statistics and risk measures, and tools for Six Sigma analysis, as well as multiple parameterized simulations that enhance decision-making processes. The comprehensive functionality of this software makes it an essential tool for professionals seeking to leverage advanced optimization and simulation techniques in their work.
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Pricing
Free Trial:
Yes
Integrations
No Integrations at this time
Company Details
Company:
Vose Software
Headquarters:
Belgium
Website:
www.vosesoftware.com/products/modelrisk/
Media
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Product Details
Platforms
Windows
Types of Training
Training Docs
Live Training (Online)
Customer Support
Business Hours
Online Support
ModelRisk Features and Options
Risk Management Software
Alerts/Notifications
Auditing
Business Process Control
Compliance Management
Corrective Actions (CAPA)
Dashboard
Exceptions Management
IT Risk Management
Internal Controls Management
Legal Risk Management
Mobile Access
Operational Risk Management
Predictive Analytics
Reputation Risk Management
Response Management
Risk Assessment
ModelRisk Lists
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