Crystal Ball is a statistical data analysis software package used by businesses for a variety of purposes. Crystal Ball software applications can be classified into the following areas: business, sales or financial forecasting, predictive modeling, Monte Carlo simulation and optimization.

Most MBA programs teach the application of Crystal Ball software in their statistics, operations research or even their finance programs. According to the Crystal Ball software’s web site the Crystal Ball software package is used in over 800 universities and schools worldwide for teaching risk analysis concepts. It also states “With over 4,000 customers worldwide, including 85% of the Fortune 500, Crystal Ball software is used by customers from a broad range of industries, such as aerospace, financial services, manufacturing, oil and gas, pharmaceuticals and utilities.” This gives students who have a good understanding of simulation using Crystal Ball software an edge over others who do not.

Crystal Ball software applications include valuation, engineering, financial risk analysis, Six Sigma, cost estimation, portfolio allocation, and project management.

Our statistics tutors can tutor you in simulation using the Crystal Ball Software. Our statistics tutors will work with you online and teach you the underlying concepts that enable simulation using the Crystal Ball software. We can help you apply the Crystal Ball simulation techniques on sample data from a wide variety of industries to consolidate and reinforce what you learn. See a sample of the Crystal Ball simulation topics, methods and tools you can learn with our statistics tutors. Please email us if you do not find a simulation topic you are looking for and we will be happy to assist you.

  • Random Variables and Risk
  • Why Analyze Risk?
  • Methods of Risk Analysis
  • Best-Case/Worst-Case Analysis
  • What-If Analysis
  • Simulation
  • A Corporate Health Insurance Example
  • A Critique of the Base Case Mode
  • Spreadsheet Simulation Using Crystal Ball
  • Starting Crystal Ball
  • Random Number Generators
  • Discrete vs. Continuous Random Variables
  • Preparing the Model for Simulation
  • Defining Assumptions for the Number of Covered Employees
  • Defining Assumptions for the Average Monthly Claim per Employee
  • Running the Simulation
  • Selecting the Output Cells to Track
  • Selecting the Number of Iterations
  • Determining the Sample Size
  • Running the Crystal Ball Software Simulation
  • The Best Case and the Worst Case Scenarios
  • The Distribution of the Output Cell in the Crystal Ball Software output
  • Viewing the Cumulative Distribution of the Crystal Ball Software Output Cells
  • Obtaining Other Cumulative Probabilities using Crystal Ball Software
  • Incorporating Graphs and Statistics into a Spreadsheet
  • The Uncertainty of Sampling when using Crystal Ball Software
  • Constructing a Confidence Interval for the True Population Mean
  • Constructing a Confidence Interval for a Population Proportion
  • Sample Sizes and Confidence Interval Widths
  • The Benefits of Simulation using Crystal Ball Software
  • Additional Uses of Simulation using Crystal Ball Software
  • A Reservation Management example using Crystal Ball Software
  • Implementing the Mode using Crystal Ball Software
  • Using the Decision Table Tool
  • An Inventory Control Example using Crystal Ball Software
  • Implementing the Mode using Crystal Ball Software
  • Replicating the Mode using Crystal Ball Software
  • Optimizing the Mode using Crystal Ball Software
  • Comparing the Original and Optimal Ordering Policies
  • A Project Selection Example using Crystal Ball Software
  • A Spreadsheet Model
  • Solving the Problem with OptQuest
  • Considering Other Solutions
  • A Portfolio Optimization Example

Other operations research and statistics topics that our statistics tutors can assist you with include: