ModelRisk
features

Different editions to suit your needs

ModelRisk Standard (STD):

provides advanced Monte Carlo simulation in Excel.

ModelRisk Professional (PRO):

adds 'objects' to ModelRisk Standard that greatly extend and simplify what you can model, as well as optimization and much more.

ModelRisk Industrial (IND):

adds a range of advanced features to the Professional version that help solve common, more complex problems specific to various industries.

Some of the key features

Monte Carlo simulation

STD - PRO - IND

ModelRisk has a comprehensive range of tools to run Monte Carlo simulations within Excel. Results are presented in a separate window that allows you to customize, save and share a comprehensive range of graphical and statistical analyses.

Distributions

STD - PRO - IND

ModelRisk incorporates a truly complete range of distributions. Graphical interfaces, categorization by function, fitting to data and a detailed interactive guide on the theory and use of each distribution help ensure that you find the correct distribution for your problem. You can also create your own distribution using the shaper tool.

Correlation

STD - PRO - IND

Modeling any correlated behavior between distributions is a critical component in risk analysis. ModelRisk allows the user to visualize and fit correlation structures to data through its copula tools. Through its unique approach to correlating variables, any number of distributions can be correlated. ModelRisk's own data copula offers a powerful way to replicate any unusual correlation pattern.

Time series

PRO - IND

Uniquely, ModelRisk has built-in tools for simulating time series, together with graphical interfaces and fitting to data to ensure you understand and select the right time series model. The custom time series tools also let you create your own expert-based forecasts.

Optimizer

PRO - IND

ModelRisk incorporates the world's leading simulation optimizer from OptTek Systems. Targets, constraints, decision variables and requirements are all defined with ModelRisk functions within the Excel spreadsheet. A graphical interface reports the optimizer's progress and allows the user to insert optimal solutions back into the model with one mouse click.

Ordinary Differential Equation tool

IND

ModelRisk’s Ordinary Differential Equation (ODE) tool numerically evaluates a system of ordinary differential equations. The user can specify any differential equations that can be described with Excel functions. One or more time stamps (specific points in time) can be specified for the evaluation of the variable(s). The interface will plot any variable against time or any two variables together

Database connectivity

IND

ModelRisk’s DataObject tool allows the user to create links to unopened Excel files or various types of databases. An SQL wizard guides the user to select what is required from the database, and a preview feature shows the selected data. The data can then be used in various ways within ModelRisk, including fitting to distributions, correlation structures and time series models.

Comparison list of ModelRisk versions

Features Standard Professional Industrial
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A
R
D
Unrestricted speed and model size
Monte Carlo simulation
Bounded, shifted distributions
Correlation of distributions
One-click function view
ModelRisk function search and format tool
Run macros before, during or after simulation
VBA and C++ calls to ModelRisk functions
Full graphical simulation reports
Full statistical reports
View simulation results statistics in spreadsheet
Export results
Save results in Results Viewer format
Sensitivity analysis
Scenario analysis
Conversion from other Monte Carlo add-ins
Full help file and example models
Informative error messages
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R
O
F
E
S
S
I
O
N
A
L
Optimization
Time series forecast
Fitting distributions to data
Fitting correlation structures to data
Fitting time series to data
Statistical fit results in spreadsheet
Data Viewer
Expert elicitation tools
Probability calculations
Working with ModelRisk objects
Markov chain tools
Combining expert estimates
Bootstrap tools
Calculation of distribution moments
Empirical copula to reproduce any correlation pattern
Stop Sum and Sum Product tools
Risk Event tool
Extreme Value tool
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N
D
U
S
T
R
I
A
L
Six Sigma support
Assumptions library
Database connectivity
Financial tools
Insurance tools
Ordinary differential equation
Integration and Interpolation
PK/PD Tool
Distribution splicing
Bayesian averaging for fitted models
Nested summation and product tools
Simulation Imported Data (SID)