Risk Analysis | Construction Software Review

Risk analysis software helps AEC firms assess the negatice factors that will determine the success or failure of a construction project and identify the measures necessary to ensure that such factors are mitigated, if not eliminated.

ModelRisk by Vose Software

ModelRisk can be used to solve questions when analyzing, optimizing, forecasting and correlating data is necessary. ModelRisk accomplishes this by adding risk analysis techniques to Excel spreadsheets, performing tasks such as the simplification of complicated calculations. This allows users, who can come from a variety of fields, to easily save time, the vendor said.

Fuse by Acumen

Acumen Fuse is a project analysis and visualization tool that takes snapshots from scheduling, costing, risk analysis and EV tools and analyzes them in an integrated environment, according to the vendor. This project assessment software uses ribbons to group project and portfolio information into categories such as discipline, location or phase.

Asta Powerproject by Asta Development

Asta Powerproject is a construction project management tool that, according to Asta Development, is used by 45 of the United Kingdom's top 50 contractors.

Users of Asta Powerproject can create hierarchical structures for projects and sub-projects based on internal workflows; they can link tasks across projects to identify relationships, the vendor said. Reports, meanwhile, can be tailored to individual recipients, from high-level reports for senior management to task lists for subcontractors.

@Risk for Project by Planning and Management Services

PMSI's @Risk for Project is a risk-analysis software tool that works with Myriad or on its own. The application allows users to run Monte Carlo simulation on project schedules, estimates and other resources that automatically upload from Myriad. This helps construction professionals assess the probability of completing projects on-time and on-budget. (The Monte Carlo method of simulation combines algorithms with repeated random samplings to compute results.)

Palisade Software Review

Product:

@RISK

Fivestar:

Review Summary:

Roy Nersesian, a 20-year veteran of the construction industry, prepares his students at Monmouth University in West Long Beach, N.J., and Columbia University in New York by exposing them to the simulation features of Palisade Corp.'s @Risk DecisionTools Suite.

This risk analysis software "is indispensable as a teaching aid on simulation," said Nersesian. "Without @Risk, I would not be able to teach the subject matter. I use @Risk to teach inventory control management and financial risk-management, plus related subjects."

When he began researching a teaching tool about 20 years ago, Palisade's risk analysis software was the only option. The software's capabilities did not suffer from the lack of competition at the time, he said, and Palisade has enhanced the product with each new version. "@Risk 5 is much more user-friendly than version 4.5 and is actually easier to teach," Nersesian said.

Nersesian said did not receive a call back from technical support during his only contact with the vendor’s help desk; he did, though, resolve the problem himself, using the software's documentation and built-in Help features.

Overall, Nersesian rated @Risk risk analysis software a perfect 10 out of 10.

How long have you been using this tool?:

I have been using @Risk The DecisionTool Suite by Palisade for about 20 years.

What kinds of construction projects do you mostly work on?:

I am a professor and consultant at Monmouth University in West Long Branch, N.J., and Columbia University in Manhattan.

Where did you obtain it?:

Palisade Corp. donated the risk analysis software.

How much did you pay?:

It was free from the company.

How are you using this product?:

I use @Risk to teach inventory control management and financial risk management, plus related subjects.

Why did you pick this product?:

To be honest, it was the only solution available at the time that met my needs. Palisade has a generous academic discount program for both schools and students. There's also a free trial available from their website.

Was this product compatible with the software programs you were already using?:

Yes. It integrates seamlessly with popular programs such as Microsoft Excel.

Did you look at other tools on the market before picking this one?:

No. There was nothing else on the market like this at the time.

Before you bought this product, were you using a different one to do the same job? :

No, because there wasn't any other product that would do the job.

How many people are using this software? :

Today, I am the only person using the program.

Comparing the way you work now with the way you worked before you bought this tool, what has changed? :

@Risk is indispensable as a teaching aid on simulation. Without @Risk, I would not be able to teach the subject matter.

Can you give us an example of a job where this tool really made a difference?:

I use @Risk to teach inventory control management and financial risk management, plus related subjects.

Can you estimate how much time or money you saved or other measurable benefits your firm realized using this tool?:

This isn't really applicable in my situation.

What are the best features (for your business) in this tool?:

@Risk 5 is much more user-friendly than version 4.5, and is actually easier to teach.

Do you think it's a fair value for the price you paid?:

I cannot comment, because I am unfamiliar with the price we paid.

What would you change about the product if you could?:

From my perspective, nothing needs to be changed.

Are there features that you don't use?:

Yes, I do not use those features that go beyond topics and capabilities I require for instruction. There are features that go above my educational needs.

How much computer experience do you think someone needs to use this tool effectively?:

They should be Excel-proficient. Students pick up @Risk very quickly.

Did it take much training (or studying) to learn to use this tool?:

No.

Have you ever called the company's support lines and asked for help?:

I only called once and did not get any response -- but I figured out the problem myself.

How would you rate the user documentation? :

Yes, the user documentation is helpful.

When the next version of this software comes out, will you upgrade to it?:

Yes.

Overall, on a scale of 1 to 10, how would you rate this tool?:

10 -- and that's no kidding.

Categories: Risk Analysis

StatTools by Palisade

StatTools uses Microsoft Excel to perform time-series forecasting and statistical analysis. StatTools covers common statistical analyses and also allows users to build own custom statistical procedures for inclusion on the StatTools menu, said the vendor. When combined with @RISK analysis software, users can assess confidence intervals on stimulation results and simulate possible outcomes of time-series forecast results with more precision than they would otherwise receive using the time-series analysis by itself, the vendor said.

NeuralTools by Palisade

Used for predictive analysis, NeuralTools has the ability to learn patterns in a company's known data and use them to make predictions from new and incomplete data, the vendor said. Additionally, NeuralTools automatically updates predictions if input data changes. This risk analysis software tool can be combined with Evolver to predict optimal solutions; users set Evolver's target goal as the live predictive output for NeuralTools, and the cells for Evolver will adjust as the new inputs for NeuralTools, the vendor said.

Evolver by Palisade

Used for genetic algorithm-based optimization, Evolver specializes in finding global solutions for nonlinear, complex problems in a variety of industries including airlines, manufacturing, finance and retail, the vendor said. Evolver is offered in two different editions, which can stand alone or work as part of the DecisionTools Suite -- Evolver Professional allows up to 250 adjustable variables per model, while Evolver Industrial allows unlimited variables, the vendor said.

TopRank by Palisade

TopRank has an automated "what if" analysis that works with Microsoft Excel to allow users to define output cells; TopRank can then automatically find and vary all the input cells that could affect your entered output, said the vendor. TopRank improves the accuracy of @RISK analysis software by narrowing down the focus of large models before running @RISK. When run with PrecisionTree, meanwhile, TopRank can identify the most critical factors in large and complex tree models, the vendor said.

PrecisionTree by Palisade

PrecisionTree improves decision analysis through the use of influence diagrams and decision trees, which allow users to visually map out multi-layered decisions in sequential order. When combined with @RISK, PrecisionTree's decision analysis is enhanced with @RISK's ability to represent continuous ranges of outcomes for chance events and payoffs, the vendor said.