Quantitative Risk Analysis - (3 days)
Duration: 3 full days
Minimum of 6 people and maximum of 20
The Quantitative Risk Analysis (QRA) course is designed to provide participants with a practical overview and foundation of the use, approaches and diverse applications of quantitative risk analysis in supporting improved decision-making.
- Learn and practice the main principles and techniques in quantitative risk analysis (QRA);
- Understand how to employ QRA to better understand risk and uncertainty and improve decision-making;
- Learn to work with risk analysis modeling environments (in this case @RISK, Risk Solver or Crystal Ball with Excel, but the lessons apply equally well to other modeling environments);
- Learn how to conduct accurate and effective quantitative risk analysis, including best practices of risk modeling, selecting the appropriate distribution, using data and expert opinion, and avoiding common mistakes, while also discussing how to use QRA in decision-making;
- Gain expert insight from EpiX Analytics’ vast experience consulting to large and small organizations worldwide.
Course attendees often come from a wide variety of fields and industries. Therefore, course participants will be asked to complete a questionnaire before the start of the class to make the QRA course more effective and tailored to the participants’ needs. In addition, participants are asked to share example cases, data or models to be discussed during the class.
We will provide lecture notes both in hardcopy and on flash drive. This drive also contains all model files produced for the course. Any extra models developed during the course are downloadable from a private course website.
The course runs from 09:00 to 17:00 each day, but registrations on the first day begin at 8:30am. Morning and afternoon coffee and lunch are provided. The course will be delivered in English.
Who should attend?
Anyone in business, government and science with an interest in quantitative risk analysis and in the use of probabilistic methods to improve decision-making and better manage risk. Examples include professionals and decision-makers needing to perform or use quantitative risk analysis in finance, marketing, operations, risk management, engineering, project risk analysis, safety risk assessments to inform decision-making.
Prerequisites and required software
Participants will be primarily using @RISK® (version 5.0 or newer), Risk Solver® (version 2014 or newer), or Crystal Ball® (v 11.0 or newer) with Microsoft Excel® 2007 or newer to solve the exercises. However, participants can also choose to use another Monte Carlo package of their choice. It is important that participants have basic working knowledge of Excel. However, no prior experience using @RISK/Risk Solver, Crystal Ball or other simulation tools is required.
- Trial versions of @RISK can be found from Palisade's website here.
- Trail versions of Risk Solver are available at Frontline’s website here.
- Trials of Crystal Ball can be downloaded from Oracle's website.
As the trial licenses last 15 days, participants should install it only a few days before the course.
In addition to @RISK/Risk Solver/Crystal Ball and MS Excel, participants are required to bring laptops with Microsoft Word and PowerPoint installed, and with a pdf reader installed.
ModelAssist is a comprehensive risk analysis training reference and is free of cost. This reference tool provides an in-depth explanation of all of the risk analysis concepts, techniques and methods introduced in this course, and greatly complements the course material. ModelAssist can be downloaded or accessed directly online from our website.
All of EpiX Analytics' courses aim to help the participants understand risk analysis from the bottom-up, which is achieved through a relaxed, informal and interactive environment using plenty of examples and hands-on exercises where students apply and adapt what they have learned.
Our training courses provide an opportunity to develop or extend your professional network. We therefore arrange optional fun, interactive social events which take advantage of local attractions, cuisine, and culture. All social events are included in the course fee.
Lodging and transportation
Course participants must arrange their own accommodation. However, we will be happy to provide information and alternatives for your travel arrangements. After you complete your registration form, please let us know that you will need our help.
Please contact us to obtain a code for the discounts below, or to discuss a special rate when registering 5 or more people. Discounts for groups of 3 or 4 people are applied automatically at registration. Discount rates cannot be combined.
|* Early registration - 10% off registration (register and pay 30 days before course start date)|
|* Government/Academic - 5% off registration (Proof of eligibility requested after registration)|
|* Student - 25% off registration (Proof of eligibility requested after registration)|
Use our contact form if you are interested in a course not currently in our schedule.
|Start Date||To be confirmed|
|Location||Boulder, CO, USA|