Comparison of risk analysis Microsoft Excel add-ins


The following is a comparison of various add-in packages available to do Monte Carlo probabilistic modeling and risk analysis. Add-ins covered are for Microsoft Excel on Windows.
Mac software and tools for other platforms, such as R or Matlab are not included.
Decision-making software is reviewed separately.

General information

NameCompany nameOffice locationProduct first releasedLast stable versionSoftware licenseLicense optionsSystem RequirementsSpreadsheet used
@RISK IndustrialPalisade CorporationAustralia, Japan, UK, USA19877.5ProprietarySingle user, network licenseWindows XP+Excel 32-bit, Excel 64-bit
@RISK ProfessionalPalisade CorporationAustralia, Japan, UK, USA19877.5ProprietarySingle user, network licenseWindows XP+Excel 32-bit, Excel 64-bit
ArgoBooz Allen HamiltonUSA20124.1FreewareN/AWindows XP+Excel 32-bit, Excel 64-bit
Crystal BallOracle CorporationUSA198711.1.4.4ProprietarySingle userWindows 2003+Excel 32-bit, Excel 64-bit
Crystal Ball + Decision OptimizerOracle CorporationUSA198711.1.4.4ProprietarySingle userWindows 2003+Excel 32-bit, Excel 64-bit
DiscoverSim + SigmaXLSigmaXL Inc.Canada20122.1ProprietarySingle userWindows Vista+Excel 32-bit, Excel 64-bit
MC FLOMC FLOsimSwitzerland2016Fátima IIIProprietarySingle userWindows 2000+Excel 32-bit, Excel 64-bit
ModelRisk CompleteVose SoftwareBelgium, USA20086.1ProprietarySingle user, network licenseWindows XP+Excel 32-bit, Excel 64-bit
ModelRisk BasicVose SoftwareBelgium, USA20086.1FreewareSingle userWindows XP+Excel 32-bit, Excel 64-bit
Monte CarnivalMonte CarnivalUSA20181.0ProprietarySingle UserWindows 95+Excel 32-bit, Excel 64-bit
Quantum XLSigmazoneUSA20103.50.04ProprietarySingle userWindows XP+Excel 32-bit, Excel 64-bit
Risk AnalyzerAdd-ins.comUSA200311.02ProprietarySingle userWindows 2000+Excel 32-bit, Excel 64-bit
Risk Kit SuiteWehrspohn GmbH & Co. KGGermany20077.2ProprietaryFree, single user, network licenseWindows 2000+Excel 32-bit, Excel 64-bit
Risk Solver ProFrontline SystemsUSA200715.0ProprietarySingle user, network licenseWindows XP+Excel 32-bit, Excel 64-bit, Excel Online
Risk Solver Pro + Premium Solver ProFrontline SystemsUSA200715.0ProprietarySingle user, network licenseWindows XP+Excel 32-bit, Excel 64-bit, Excel Online
RiskAmp PersonalStructured Data LLCUSA200511.5ProprietarySingle userWindows 2000+Excel 32-bit, Excel 64-bit
RiskAmp ProfessionalStructured Data LLCUSA200511.5ProprietarySingle userWindows 2000+Excel 32-bit, Excel 64-bit
SAFE TOOLBOXESSafe Quantitative TechnologiesUSA20161.0ProprietarySingle userWindows 2000+Excel 32-bit, Excel 64-bit
Simtools xlaRoger Myerson, University of ChicagoUSA?3.31aFreewareN/AWindows 95+Excel 32-bit
SimulArLuciano MachainArgentina?2.5FreewareN/AWindows XP+Excel 32-bit
Simulation Master PremiumVortarus Technologies LLCUSA201718.12.03ProprietarySingle userWindows XP+Excel 32-bit, Excel 64-bit
Simulation Master StandardVortarus Technologies LLCUSA201718.09.01ProprietarySingle userWindows XP+Excel 32-bit, Excel 64-bit
TukhiKALX, LLCUSA?0.2.11.5FreewareN/AWindows 95+Excel 32-bit
YASAI and YASAIwRutgers University and Washington State Department of EcologyUSA20012.4, 2.0w29Freeware, Open sourceN/AWindows 95+Excel 32-bit, Excel 64-bit

Technical specification I

NameDistribution fittingCorrelation fittingTime series fittingDecision treesOptimizer includedDatabase connectivityVBA calls to functionsC++ calls to functionsSix sigma supported
@RISK IndustrialPrecisionTree option
@RISK ProfessionalPrecisionTree option
Argo
Crystal Ball
Crystal Ball + Decision Optimizer
Crystal Ball EPM + Decision Optimizer
DiscoverSim + SigmaXL
MC FLO
ModelRisk Complete
ModelRisk Basic
Monte Carnival
Quantum XL
Risk Analyzer
Risk Kit Suite
Risk Solver ProXLMiner optionXLMiner option
Risk Solver Pro + Premium Solver ProXLMiner optionXLMiner option
RiskAmp Personal
RiskAmp Professional
SAFE TOOLBOXES
Simtools xlaFunctions / macros
Simular
Simulation Master PremiumDTace option
Simulation Master StandardDTace option
YASAI and YASAIw

Technical specification II

NameConverters forProbability calculation functionsUDF error analysisExtreme value modelingExpert elicitation toolsData previsualizerODE and numerical integrationAssumption library
@RISK IndustrialCrystal Ball
@RISK ProfessionalCrystal Ball
Argo
Crystal Ball
Crystal Ball + Decision Optimizer
DiscoverSim + SigmaXL
MC FLO
ModelRisk CompleteCrystal Ball, @RISK
ModelRisk BasicCrystal Ball, @RISK
Monte Carnival
Quantum XL
Risk Analyzer
Risk Kit Suite
Risk Solver Pro
Risk Solver Pro + Premium Solver Pro
RiskAmp Personal
RiskAmp Professional
SAFE TOOLBOXES
Simtools xla
Simular
Simulation Master Premium
Simulation Master Standard
YASAI and YASAIw

Simulation Controls

NameControl of seed valuesMaximum numbers of drawsRandom number generatorLock / unlock random variablesMultiple simulation runsRun macros before/after simulationStop run when output generates errorApply specific sample in modelPrecision controlSpreadsheet interpreterSampling method
@RISK IndustrialUnlimitedSeveralMC, LHS
@RISK ProfessionalUnlimitedSeveralMC, LHS
Argo20000Mersenne TwisterMC, LHS
Crystal BallUnlimitedMCGMC, LHS
Crystal Ball + Decision OptimizerUnlimitedMCGMC, LHS
DiscoverSim + SigmaXL1e7Marsaglia KISS + MonsterMC, LHS
MC FLOUnlimited / Constrained by ExcelMersenne TwisterMC
ModelRisk CompleteUnlimitedMersenne TwisterMC
ModelRisk BasicUnlimitedMersenne TwisterMC
Monte CarnivalUnlimitedSeveral-
Quantum XL10000Mersenne TwisterMC
Risk AnalyzerConstrained by Excel?MC
Risk Kit SuiteUnlimitedMersenne TwisterMC
Risk Solver ProUnlimitedSeveralMC, LHS, Sobol
Risk Solver Pro + Premium Solver ProUnlimitedSeveralMC, LHS, Sobol
RiskAmp PersonalConstrained by ExcelMersenne TwisterMC, LHS
RiskAmp ProfessionalConstrained by ExcelMersenne TwisterMC, LHS
SAFE TOOLBOXESUnlimitedMersenne Twister, RanLux and GFSRGMC, Antithetic, Fauré,Halton
Simtools xlaConstrained by ExcelExcel's RANDMC
SimularConstrained by Excel?MC
Simulation Master PremiumConstrained by ExcelMCG, Excel's RANDMC
Simulation Master StandardConstrained by ExcelMCG, Excel's RANDMC
YASAI and YASAIwConstrained by ExcelL'Ecuyer's MRG32k3aMC

Reporting results

NameIncludes reporting toolReport export formatsSave and retrieve resultsEditing of graphsHistogramCumulativeTime series plotSpiderTornadoScatterParetoBoxStatisticsSimulation dataResults filtering
@RISK IndustrialExcel, bitmap
@RISK ProfessionalExcel, bitmap
ArgoExcel, bitmap
Crystal BallExcel
Crystal Ball + Decision OptimizerExcel
DiscoverSim + SigmaXLExcel
MC FLOExcel
ModelRisk CompletePDF, PowerPoint, Word, Excel, ModelRisk ResultsViewer, bitmap
ModelRisk BasicPDF, PowerPoint, Word, Excel, ModelRisk ResultsViewer, bitmap
Monte CarnivalExcel-
Quantum XLN/AExcelN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Risk AnalyzerN/AExcelN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Risk Kit SuiteExcel
Risk Solver ProExcel
Risk Solver Pro + Premium Solver ProExcel
RiskAmp PersonalExcelN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
RiskAmp ProfessionalExcelN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
SAFE TOOLBOXESNot required.
Simtools xlaExcelN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
SimularExcelN/AN/AN/AN/AN/AN/AN/A
Simulation Master PremiumExcel
Simulation Master StandardExcel
YASAI and YASAIwExcelN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

Help file, support and training

NameUDFs linked to help fileInterfaces linked to help fileHelp file in PDFHelp file onlineTechnical support availableLanguage versionsOnline videosOnline trainingOnsite training
@RISK IndustrialZH, EN, FR, DE, JA, PT, ES
@RISK ProfessionalZH, EN, FR, DE, JA, PT, ES
ArgoEN
Crystal BallEN, JA, ES, DE, FR, PTVia Partners
Crystal Ball + Decision OptimizerEN, JA, ES, DE, FR, PTVia Partners
DiscoverSim + SigmaXLN/AEN
MC FLODE, EN, ES
ModelRisk CompleteEN
ModelRisk BasicEN
Monte CarnivalEN
Quantum XLN/AEN
Risk AnalyzerN/AN/AEN??
Risk Kit SuiteEN, FR, DE
Risk Solver ProEN
Risk Solver Pro + Premium Solver ProEN
RiskAmp PersonalEN
RiskAmp ProfessionalEN
SAFE TOOLBOXESEN
Simtools xlaEN
SimularEN, ES
Simulation Master PremiumEN
Simulation Master StandardEN
YASAI and YASAIwEN

Footnotes and references