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What is ModelRisk?

ModelRisk is an Excel add-in tailored for conducting Monte Carlo simulations, allowing users to integrate uncertainty into their spreadsheet models effectively. Since its launch in 2009, it has become a benchmark for innovation in the field, introducing a variety of technical features related to Monte Carlo techniques that facilitate the development, verification, and evaluation of risk models in a manner that aligns more closely with real-world complexities. By replacing uncertain values in Excel with specialized ModelRisk probability distribution functions, users can accurately depict the uncertainty surrounding those values. Subsequently, ModelRisk utilizes Monte Carlo simulation methods to generate thousands of potential scenarios automatically. While Excel is employed for a multitude of analytical tasks, ModelRisk uniquely focuses on assessing the uncertainty present in the numerical outcomes of Excel models. This powerful tool has been embraced by users from diverse industries for risk analysis, highlighting its adaptability and effectiveness in managing uncertainty. Moreover, its capability to visualize results not only enhances user comprehension but also aids in making well-informed decisions, ultimately leading to better strategic outcomes. In an increasingly complex world, ModelRisk empowers users to navigate uncertainty with confidence.

What is GUMsim?

Measurements inevitably experience variations from their true values, a scenario referred to as measurement uncertainty, which is particularly relevant when evaluating or calibrating measurement instruments or methods. Accurately quantifying this uncertainty is crucial for maintaining quality control. GUMsim®, compliant with the most recent Guide to the Expression of Uncertainty in Measurement (GUM) and its supplement 1, employs advanced computational algorithms that support a more efficient assessment of measurement uncertainty in accordance with ISO/IEC 17025 standards. The assessment of measurement uncertainty relies on a mathematical framework and statistical evaluation of all factors that affect measurement results. To simplify this procedure, GUMsim offers an intuitive input interface suitable for various measurement models. Furthermore, it includes multiple pre-defined application models, which serve as templates designed to aid users in carrying out specific evaluations, facilitating the initiation of measurement uncertainty assessments. This aspect not only improves the overall user experience but also promotes uniformity in measurement practices across diverse applications, ultimately reinforcing the reliability of measurement results. As a result, users can approach their uncertainty evaluations with greater confidence and efficiency.

Media

Media

Integrations Supported

Additional information not provided

Integrations Supported

Additional information not provided

API Availability

API Availability

Pricing Information

Pricing not provided
Free Trial Offered?

Pricing Information

€870 one-time payment

Supported Platforms

Windows

Supported Platforms

Windows

Customer Service / Support

Standard Support
Web-Based Support

Customer Service / Support

Standard Support
Web-Based Support

Training Options

Documentation Hub
Online Training

Training Options

Documentation Hub

Company Facts

Organization Name

Vose Software

Company Location

Belgium

Company Website

www.vosesoftware.com/products/modelrisk/

Company Facts

Organization Name

QuoData

Company Location

Germany

Company Website

www.quodata.de/gumsim

Categories and Features

Risk Management

Risk Assessment

Categories and Features

Statistical Analysis

Statistical Simulation

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