RESEARCH ARTICLES | RISK + CRYSTAL BALL + ANALYTICS

When it comes to having a full fledged developper stack to take your analysis to the next level, its not about tools only, but which tools are the most impactful when automating and sharing analysis for decision making or analyzing risk on projects and business operations. 

The Need for Speed 2019 study compares Excel Add-in based modeling using @RISK and Crystal Ball to programming environments such as R and Julia. All 3 aspects of speed are covered [time-to-solution, time-to-answer and processing speed] in addition to accuracy and precision.

Imagine playing a game in which someone asks you to infer the number of sides of a polyhedron die based on the face numbers that show up in repeated throws of the die. The only information you are given beforehand is that the actual die will be selected from a set of seven die having these number of faces: (4, 6, 8, 10, 12, 15, 18). Assuming you can trust the person who reports the outcome on each throw, after how many rolls of the die wil you be willing to specify which die was chosen?

Whether you are a businessman or a practicing professionals such as an attorney, a doctor or a consultant, the ability to ask the right questions is imperative along with the ability to capture the information that is important when an answer is provided. Sometimes knowing where to start is the toughest aspect of solving a problem. Usually a sound approach is breaking out complex problems into smaller more manageable components; as the old adage goes “Do you know how to eat an elephant? One bite at a time!” Check out how to break-down tough problems by following the simple 5W question framework.