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Analyzing the Real Costs of Climate Change

Analyzing the Real Costs of Climate Change

Climate change has already started to create extreme and unpredictable weather events around the globe. In this article, Randy Heffernan outlines the importance of considering these unknowns for businesses and organizations everywhere. Specifically describes a prime example in which the Australian government used Monte Carlo simulations to ...
Use Decision Trees to Make Important Project Decisions

Use Decision Trees to Make Important Project Decisions

A large part of the risk management process involves looking into the future, trying to understand what might happen and whether it matters to an important decision we need to make. An important quantitative technique which has been neglected in recent years - decision trees - is enjoying something of a revival. This article describes two ...
How to Win the World Cup Office Pool

How to Win the World Cup Office Pool

Analytics India Magazine featured Palisade's World Cup 2014 simulation model in their article, "How to Win the World Cup Office Pool". Taking data from the rankings of over 200 national teams from FIFA spanning the past four years (2011-2014), Palisade created a model that uses @RISK to determine the probabilities of different teams winning ...
@RISK Optimizes Risk in Hedge Funds

@RISK Optimizes Risk in Hedge Funds

The world of financial markets and investments is rife with risk and reward. This is particularly true for hedge funds, sophisticated investment vehicles that are typically used only by experienced investors and firms. They are named for the fact that investors ‘hedge,’ or attempt to protect their funds against volatile swings in the markets. ...
Predicting the World Cup Winner with Monte Carlo Simulation

Predicting the World Cup Winner with Monte Carlo Simulation

Soccer fans around the world are gearing up for the 2014 World Cup in Brazil. Many will be putting money on the various matches—basing their bets on national pride or gut feelings. There is another option, however. If you have the data and the inclination, you could also utilize a Monte Carlo simulation to place your wager. Recently, Fernando ...
World Cup: The Journal’s Prediction

World Cup: The Journal’s Prediction

The Wall Street Journal featured Palisade's World Cup 2014 simulation model in their article, "The Journal's Prediction". Reporter Matthew Futterman consulted Palisade's Fernando Hernández on his "brilliantly logical prediction model" that picks who would win--with home-field advantage, and without. Click here to read the article.
Ensuring Food Safety with Monte Carlo Simulation

Ensuring Food Safety with Monte Carlo Simulation

The article shines light on the fact that the U.S. Food and Drug Administration has launched an interactive web-based tool called iRISK, to combat the seeming endless risks in the "farm-to-table" pathway. Like @RISK, this tool utilizes Monte Carlo simulation to analyze potential food contamination risk based on a number of factors: the ...
Monte Carlo and Manufacturing: Learn more about simulation software and Monte Carlo simulation in the manufacturing industry.

Monte Carlo and Manufacturing: Learn more about simulation software and Monte Carlo simulation in the manufacturing industry.

A recent article written by Palisade's vice president, Randy Heffernan, explores a variety of applications of Monte Carlo simulation in the manufacturing sector, such as: minimizing pilot programs, enterprise resource planning, supply chain continuity and potential financial losses. By utilizing simulation software such as @RISK, risk factors ...
Super Bowl Prop Bets and Monte Carlo Simulation

Super Bowl Prop Bets and Monte Carlo Simulation

The Super Bowl brings a significant amount of speculation on a multitude of outcomes—from who will win the match, to what color Gatorade will be dumped on the winning coach. For Super Bowl XLVIII between the Denver Broncos and the Seattle Seahawks, Randy Heffernan takes the reader through a step-by step guide on how to use Monte Carlo ...
Are There Red Flags in Green Construction?

Are There Red Flags in Green Construction?

As green options move toward becoming the norm, new risks can result, such as whether environmentally-friendly materials can withstand a major earthquake, hurricane or flood. Green builders are turning to Monte Carlo simulation, a computational model that examines all possible outcomes and identifies the probabilities of different scenarios ...
Simulation City: Simulation software can improve decision making – and the manufacturing process

Simulation City: Simulation software can improve decision making – and the manufacturing process

Monte Carlo simulations, named for the city in Monaco, were developed during the 1940s with the Manhattan Project. But today’s simulation software can be used for a range of industries and applications to help people make decisions about their products and processes. Dr. Eric Maass, co-author of the book "Applying Design for Six Sigma to ...
The game of risk: metals companies’ slow embrace of ERP

The game of risk: metals companies’ slow embrace of ERP

Although some steelmakers have been slow to embrace some of the enterprise resource planning (ERP) software systems, others have had success with them. A mill in the United Kingdom recently employed a latest-generation risk-management system to plan and execute a plantwide maintenance turn. One of their largest blast furnaces in Europe had ...

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