I’ll be heading to New Orleans for the first time in my life in a few weeks. The Palisade Risk Conference 2016 is being held on November 1 & 2, 2016. I have used Palisade’s DecisionTools Suite since my first year in graduate school (in the MSPM program at George Washington University) back in 2010. I love the power and utility of @Risk, the Excel add-in program for doing Monte Carlo simulations. @Risk has helped me create Statistical PERT because I use @Risk simulations to compare against and validate my Statistical PERT approach and results. Without @Risk, there would be no Statistical PERT.
I liken Statistical PERT to a screwdriver: simple, easy-to-use, solves a lot of problems, inexpensive (Statistical PERT is free, actually). By contrast, @Risk is complex, not-as-easy-to-use (but still easy for rudimentary modeling), solves a whole lot more problems, but is expensive. Whereas everyone has a screwdriver in their junk drawer or garage, not everyone has, say, a miter saw or some other, expensive power tool.
If you’re planning attending the Risk Conference in New Orleans, hit me up!