Palisade Launches New DecisionTools Suite 6.0 to Enhance Business Decision-making
Risk and decision analysis software simplifies modelling, integrates with both Microsoft Excel and Project
London, September 13, 2012 — Risk and decision analysis software provider Palisade Corporation today released version 6.0 of its DecisionTools® Suite package for Microsoft Excel. The latest version will enable companies across a wide range of industry sectors to use quantitative analytics to analyse risk and make smarter decisions to minimise it.
An integrated set of analytical tools, the DecisionsTools Suite empowers organisations to make decisions in a variety of business disciplines, such as new investments, product design, portfolio optimisation, mergers and acquisitions and project cost estimations. Anchored by Palisade’s industry-leading risk analysis software @RISK, the DecisionTools Suite 6.0 also includes new versions of PrecisionTree®, RISKOptimizer®, TopRank®, Evolver®, NeuralTools®, and StatTools®. Together, the products provide sophisticated Monte Carlo simulation, decision trees, optimisation, statistical and neural network analysis, all from a common Excel platform.
“Decision makers benefit from the DecisionTools Suite’s ability to tell them not just what might happen in a given situation, but the probabilities of different scenarios occurring,” said Randy Heffernan, vice president at Palisade. “This is powerful insight that it is impossible to gain from a standard spreadsheet.”
Continued Heffernan, “Our customers tell us that what they need now is simpler modelling, better reporting tools, and more push-button power analytics. Version 6 accomplishes this with new learning aids, interface improvements, simpler graphs, and simulation of time-series processes and project schedules – all in the same integrated package.”
Key enhancements in the DecisionTools Suite 6.0 include:
- Integration with Microsoft Project for simulation of schedules
The integration of Microsoft Project with Excel via a new interface layer enables users to import project schedules to Excel and @RISK. The Excel interface enhances the flexibility of schedule modelling and – for the first time – allows project managers to integrate cost and schedule models in a single location. As a result, project managers can determine the actual probabilities of meeting deadlines or budgets and plan contingencies accordingly.
- Improved graphs enhance reporting
@RISK’s new double-sided tornado graph is much easier to understand, making it important for management reporting. The new chart displays exactly how much each risk factor causes the output to change, enabling better mitigation strategies. In addition, @RISK now offers spider line graphs for sensitivity analysis, as well as flexible options for conveniently displaying desired statistics and data in the same window as the graph.
- New tutorials and examples
To ensure that all users maximise the benefits of using the software, Palisade commissioned operations research expert Dr. Christian Albright of Indiana University to overhaul all product examples and tutorials. Tutorials are now available in a new, interactive format that walks users through hands-on, step-by-step guidance on developing and running models, and example spreadsheets are available for nearly all industry applications. In addition, all resources make extensive use of video technology.
- Simplified ribbon and toolbar
Users can now access common tasks more quickly and find different analyses more easily with a better-organised ribbon, context-sensitive commands, and a pop-up in-sheet toolbar, making the toolset straightforward for both newcomers and experienced users.
- Time-series simulation modelling
@RISK now offers a new set of functions for simulating time series processes or values that change over time such as stocks, oil prices, or rainfall. Any future projection of time series values has inherent uncertainty, and @RISK now lets users account for that uncertainty by looking at the whole range of possible time series projections in their model. This is particularly useful in financial modelling, hedging strategies, and portfolio simulation.
- Crystal Ball model converter
@RISK can now convert distributions and other model elements created in Crystal Ball software to native @RISK functions, helping Crystal Ball users to save time because they can use old models previously developed.
Industry decision-makers believe DecisionTools Suite 6.0 will have a positive impact on their business. “This tool, version 6 of Palisade’s DecisionTools Suite, is outstanding. The time scale reports make my life so much easier for forecasting,” noted Paul Bradley, an analyst at Chevron.
“Our agricultural biotechnology product development timelines have long durations, sometimes as long as ten years,” said Ross Gilmour, program leader, DuPont Agricultural Biotechnology. “The project timeline modelling tools now incorporated in @RISK 6.0 have extended the understanding of our development timelines by enabling us to quantitatively estimate their duration and likelihood of success,” “This capability will significantly improve how we manage our research and development portfolio.”
For more information on The DecisionTools Suite 6.0 and to download a free trial, please visit: http://www.palisade.com/decisiontools_suite/6/WhatsNew.asp
Palisade Corporation is a software developer and solution provider that produces decision support tools for professionals in many industry sectors. The company was founded in 1984, and at present more than 150,000 people use Palisade’s software in fields that range from finance to oil and mineral exploration, real estate to heavy manufacturing, and pharmaceuticals to aerospace. Its software is used by over 90% of Fortune Global 500 companies. Sample clients include Royal Dutch Shell, Petrobras, Procter & Gamble, Merck, Raytheon, Unilever, Raytheon, and BHP Billiton, as well as top business schools around the world.