Zhijing Eu
1 min readJan 7, 2024

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@Hasrul Ref your question - Unfortunately, I am unaware of any industry comparisons but other than the three you mentioned :- Palisade @Risk , Oracle Crystal Ball and Vose Software you might want to add Front line Solver to the list of excel plug in-s that support MC Simulation...https://www.solver.com/monte-Carlo-simulation-tutorial.

This is a comparison but b aware it is likely to be biased as it is written by the creators of Model Risk (although to be fair it tries to be balanced and is not a sales pitch) https://www.vosesoftware.com/Risk-In-Excel/Five-Best-Risk-Analysis-Add-Ins-for-Excel-in-2024.php

Ultimately it goes back to what you are trying to model as well. MC Sim is ultimately just an analytical technique and there are often specialised applications where the MC Simulation functionality is complementary to other analytical methodologies depending on the domain - whether its modelling the stochastic nature of chemical process reactions, price movements of financial assets or information transmission in communication networks

There are also programming libraries that support MC Simulations if you are familiar with programming. E.g I recreated the analysis in this article using a Python library rather than the XLRisk Add In :- https://zhijingeu.medium.com/building-a-probabilistic-risk-estimate-using-monte-carlo-simulations-with-python-mcerp-7d57e63112fa

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Zhijing Eu
Zhijing Eu

Written by Zhijing Eu

Hi ! I’m “Z”. I am big on sci-fi, tech and digital trends.

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