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We need to perform a good deal of Monte Carlo analysis on some of our project plans - basically creating tornado diagrams, sensitivity analysis and follow it up with Monte Carlos. I am aware of commercial tools like @Risk by Palisade, Risk Simulator, Crystal Ball etc.,

Is there anything which is free and good? (i.e., can consider a large number of distributions and also help perform the aforementioned analyses). What has been your experience with them?

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  • It's a question about software recommendations (off-topic). – Sergey Kudryavtsev Dec 18 '15 at 17:00
  • I must vote to close because it is a S/W recommendation. What would happen if we changed it to "How to run a good Monte Carlo simulation?" what are the tools and techniques that lead to a good, useful, accurate MC simulation? – Mark C. Wallace Dec 18 '15 at 19:59
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You could build it into excel. There are a few different tutorials online and some add-ins. Here is a link to one that looked well written.

http://www.vertex42.com/ExcelArticles/mc/MonteCarloSimulation.html

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  • Great link! Will go through it for sure. Thanks! – PhD Jan 5 '12 at 20:17
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If you are not afraid of a command line, I suggest R, which can be integrated into Excel

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