4 September 2008
Integrated risk analysis tools, DecisionTools Suite 5.0, enhances informed decision-making
Risk analysis specialist, Palisade Corporation (www.palisade.com) continues its drive to help organisations make informed decisions with the launch of DecisionTools Suite 5.0. The new offering is an integrated set of tools that enable users to perform a wide range of sophisticated risk analysis and decision support tasks in order to reduce uncertainty. DecisionTools Suite 5.0, which has been designed as the 'Microsoft Office of analytical software' is the only product of its kind on the market.
DecisionTools Suite 5.0 incorporates Palisade's flagship product, Monte Carlo simulation software, @RISK, which was first launched in 1987 and is used by organisations around the world. Palisade has also integrated a further six of its quantitative software tools, bringing them together under the common umbrella of DecisionTools Suite 5.0. Developed for use as decision-making becomes more complex, these programs perform decision tree, sensitivity analysis, statistics and time-series forecasting, genetic algorithm optimisation and prediction using neural networks.
The components of DecisionTools Suite 5.0 all run on Microsoft Excel, and have been designed to work together using common interfaces and spreadsheet functions in order to maximise insight into the complex processes that support accurate decisions. The flexible suite is applicable to a wide range of industry sectors including oil and gas, pharmaceuticals and financial services.
“First released in 1996, the comprehensive and flexible nature of DecisionTools Suite has made it the industry standard for decision support - the 'Microsoft Office' of analytical software,” says Craig Ferri, managing director of Palisade Europe.
Ferri explains: “A lot of current decision-making is based on best case and worst case scenarios. However, the sophisticated risk analysis software built in to DecisionTools Suite gives users the power to make better decisions because they can predict to a much better degree the likelihood of something occurring given a multitude of different scenarios and variables. The integrated tools also enable users to perform combined analyses that they would otherwise find impossible.”
“Because risk analysis using DecisionTools is a mathematical and logical process, it also acts as an 'audit trail',” Ferri continues. “This is yet another element that gives users confidence in their conviction.”
The modular design of DecisionTools Suite 5.0 enables organisations to plan for the future because the full range of tools can be used by staff in separate departments to perform different elements of quantitative analysis depending on their level of need and experience.
Ferri explains: “DecisionTools allows companies to extend both their own capabilities and those of the organisation without having to purchase and install additional software, or learn how to operate a new system.”
In addition to @RISK, the components of DecisionTools Suite 5.0 are: PrecisionTree®, for decision tree technology and influence diagrams; TopRank® for automated 'what-if' sensitivity analysis; NeuralTools® for neural network analysis and prediction; StatTools® for statistical analysis and time series forecasting; Evolver® for genetic algorithm optimisation; and RISKOptimizer® which combines Monte Carlo simulation with optimisation.
Around 40,000 MBA students around the world are currently learning to use DecisionTools Suite. Ferri concludes: “This is further endorsement of the capability of the new toolset. It is also a reminder to organisations that they need to be armed with the latest techniques in order to attract high calibre employees with the potential to be tomorrow's leaders.”