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?

  • It's a question about software recommendations (off-topic). 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?
    – MCW
    Dec 18 '15 at 19:59

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.


  • Great link! Will go through it for sure. Thanks!
    – PhD
    Jan 5 '12 at 20:17

If you are not afraid of a command line, I suggest R, which can be integrated into Excel

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