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Then to install Simtools in Excel, use the File:Options:Add-Ins:Manage ExcelAddIns:Go command sequence on a Windows machine, or the the Tools:Add-ins command sequence on a Mac, and select the "Simtools" option in the "Add-Ins available" dialogue box or browse to find Simtools.xlam where you saved it. When saving, make sure that the file's name has the correct xlam extension that (You could choose to save it wherever Excel Add-Ins are stored on your computer, but this is not necessary.) To install Simtools, download the Simtools.xlam file from this site, and save this file in a directory of your choice on your hard drive.
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You can learn more on how to use Simtools from the book Probability Models for Economicĭecisions, published by MIT Press (2019). This programs are distributed as freeware for individual use, and may be freely redistributed to students and faculty in an academic institution. Simtools was developed to facilitate applications of probability and statistics, and to help managers do complex decision analysis. It also contains a simple auditing tool (previously called Formlist) that adds procedures forĭisplaying the formulas of any selected range. Simtools adds statistical functions and procedures for doing Monte Carlo simulation and risk analysis in spreadsheets. Simtools.xlam is an add-in for Microsoft Excel.