Shanghai’s Top University Relies on
@RISK and DecisionTools Suite to Train
Next Generation of Engineering Leaders
Engineering students at one of China’s top universities, Shanghai Jiao Tong University, are learning how to deal with risk analyses and decision-making with the best tools in the industry: @RISK and the DecisionTools Suite. Professor Li Mian, an authority in system design and optimization, uses the tools not only in his own research, but in the classroom as well.
Dr. Li gives two examples on how the software is used in his teaching and research. The first example involves a study of pricing risk and decision-making when introducing a new product to the market. The price of a new market-entry product will be affected by many factors, such as the costs of raw materials and labor during the production process. While these two factors have a decisive influence on a product's final price, how big is their impact? This was what Dr. Li wanted to find out. He and his research team settled on a Monte Carlo simulation, reducing the two factors to uncertain values with random characteristics, where each value was assigned a random variable distribution. The researchers then applied the Monte Carlo method to confirm the relative influence of these two factors on the ultimate product price. The whole approach was simple and intuitive.
The second example involved Dr. Li's use of the software in his course work. He applied the software when determining the influences of various factors on tolerances in car engine design. While all engines have design tolerances built-in during the design and manufacturing processes, complex calculations and analysis are needed to determine the degree of impact that each uncertainty has on tolerances throughout the engine design and production process. This kind of application is important to many types of scientific research.
This case study is available in Chinese also:
» 上海交大开设DecisionTools 和@RISK软件课程并获得成果
» Read the full case study
» More about Professor Li
» More about @RISK and the DecisionTools Suite
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now complete what originally took you 20
hours to do, in as little as a single hour!
Professor Li Mian
Shanghai Jiao Tong University
Over 60,000 students use the DecisionTools Suite annually in their MBA and graduate level programs. In 2012, over 800 universities worldwide adopted the DecisionTools Suite. Professors in business, engineering, OR, and other fields keep their students on the cutting edge by teaching the latest analytical techniques from Palisade. Some major schools with programs and courses that standardized on the DecisionTools Suite last month include:
US and Canada:
Kansas State University
Michigan State University
Royal Military College
St. John's University
United States Military Academy
University of Alabama in Huntsville
University of Arizona
University of British Columbia, Okanagan
University of California - Berkeley
University of Georgia
University of Texas at San Antonio
US Coast Guard Academy
||Agder University - Norway |
Cardiff University - United Kingdom
Chalmers University of Technology - Sweden
Cheung Kong Graduate School of Business - China
Democritus University of Thrace - Greece
ESADE - Spain
Fundaзгo Univ. Josй Bonifбcio - Brazil
Fundaciуn Universidad de las Amйricas, Puebla - Mexico
Fundaciуn Universitaria Autуnoma de las Americas - Colombia
Hochschule Bremerhaven - Germany
Indian School of Business - India
INSEAD - Singapore
KyungHee University - South Korea
Lancaster University - United Kingdom
SLU Swedish University of Agricult Sciences - Sweden
Tunghai University - Taiwan
Univ. of Western Australia - Australia
Universidad de Lima - Peru
Universidad de Montevideo - Uruguay
Universidad Francisco Marroquin - Guatemala
Universidad Nacional Autonoma de Mexico - Mexico
Universidad Politecnica de Tlaxcala - Mexico
Universidade Federal do Rio de Janeiro - Brazil
University College London - United Kingdom
University of Hertfordshire - United Kingdom
University of Lubljana - Slovenia
UNSW - Australia
Wageningen University - Netherlands
Yeditepe University - Turkey
There are three easy ways to get the DecisionTools Suite for your students:
Course Licenses available from Palisade. These are economical, annually renewing bulk licenses for both
network lab and laptop installation. Palisade offers a complimentary Live Web Training session to all instructors who order a Course License.
» Learn more
Student Versions from Palisade. These are 12-month versions available for purchase individually by students through either the Palisade web site or the school store.
» Learn more
Textbook Editions available bundled with textbooks.
These are time- and model-limited licenses.
» Learn more
Get DecisionTools Suite 6 for your course by contacting:
Palisade Academic Sales
800-432-7475 / 607-277-8000
The DecisionTools Suite is a great way to present quantitative techniques in a straightforward, easy-to-understand way for students.
Excerpted from Learning Statistics with StatTools,
by Chris Albright, published by Palisade
Regression is one of the most frequently used statistical techniques, both because of its power and its flexibility. It allows you to “explain” a variable such as Salary from values of other related variables. The variable to be explained is called the dependent variable and is often labeled Y. The variables used to explain Y are called the independent variables (or explanatory variables) and are often labeled X’s. The objective is to estimate a regression equation for Y in terms of the X’s, using the method of least squares. The resulting equation serves two purposes. First, by examining the coefficients of the X’s, you can better understand “how the world works.” For example, you can better understand the salary structure in a company or housing prices in a community. Second, the regression equation allows you to predict new values of Y, given the corresponding values of the X’s.
StatTools also provides a set of procedures for building a regression equation step by step, as many analysts prefer to do. These include the “true” stepwise procedure, a forward stepwise procedure, and a backward stepwise procedure. It even includes a somewhat nonstandard block procedure. All of these are discussed in this chapter.
Download example files and view step-by-step instructions
The DecisionTools Suite is a key component in major textbooks in business, OR, and engineering.
Applied Simulation Modeling
By Andrew Seila, Vlatko Ceric, and Pandu Tadikamalla
This textbook provides the student with both a conceptual introduction to the concepts of simulation modeling and practical experience with real examples using @RISK. The coverage includes Risk Simulation, Dynamic Systems, and Discrete Event Simulation models. Throughout the text, the authors show readers how they can use simulation in the context of decision making. Practical examples from Operations Management, Manufacturing, Health Care, and Finance are included throughout to give students an appreciation for the wide scope of application and the robust nature of simulation modeling.
» Learn more from the publisher
» See a list of books bundled with Palisade software
The DecisionTools Suite is part of complex analyses published in white papers.
"Assessing Your Own Risk and Solvency,
or said differently… How Risky are We?”
Joel Kress, The Self-Insurer Monthly, July 2012
Joel Kress, underwriting manager at Government Entities Mutual, Inc. PCC, asks the question, “How risky is our captive insurance company?” @RISK's Monte Carlo simulation allowed him to look at how exposure to risk changed over time in his company, and then simulate hypothetical future policy years. The model helped create a policy around risk, so that the Board of Directors and Regulators could feel comfortable that management's day-to-day decisions will not exceed the predetermined desired risk levels.
Read the full paper here
The Academic Global Leader in
Risk and Decision Analysis
Palisade is the world’s leading provider of risk and decision analysis software and solutions. Founded in 1984, its products @RISK and the DecisionTools Suite are used by over 95% of the Fortune 100, in nearly every industry around the world. Palisade is headquartered in New York State, and has offices in London, Sydney, Rio de Janeiro, and Tokyo.
What is The DecisionTools Suite?
The DecisionTools Suite is the world’s only integrated set of risk and decision analysis programs. The Suite includes @RISK for Monte Carlo simulation, PrecisionTree for decision trees, and TopRank for “what if” sensitivity analysis. In addition, DecisionTools Suite comes with StatTools for statistical analysis and forecasting, NeuralTools for predictive neural networks, and Evolver and RISKOptimizer for optimization. All programs work together seamlessly, and all integrate completely with Microsoft Excel for ease of use and maximum flexibility.
The Suite is offered in three affordable and flexible licensing options for those in academia: Student Versions, Course Licenses and Full Academic Versions.
» Schools using Palisade software
» Textbooks using Palisade software
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