Crystal Ball software is used by oil, gas and mining companies to analyse spreadsheet models and improve decision making. To address the financial and economic uncertainty in the global markets, these companies are increasingly using Crystal Ball for their modelling and risk analysis.
The new release of Crystal Ball Professional includes Extreme Speed. Using Extreme Speed, simulations run 10 to 100 times faster.
Extreme Speed is ideal for analysts working with large data sets. With Crystal Ball Professional, Extreme Speed and larger data sets, resource companies are transforming their excel spreadsheet models to develop more credible risk assessments.
Sales of Crystal Ball software to oil, gas and mining companies in Australia over the past 12 months has risen dramatically. The popularity of Crystal Ball, particularly in the resources industry, has taken off since BHP Billiton revealed how the use of Monte Carlo simulations, in its spreadsheet analyses, helped make the decision to out bid Xstrata PLC for WMC Resources. This decision has been one of the successful strategic decisions by any resources company in recent times.
Nathan Stubina of Barrick Gold uses Crystal Ball software to perform Monte Carlo simulation and evaluate mining projects.
With Crystal Ball, input parameters such as capital, operating costs, mining rates, recoveries and metal prices can easily be varied in order to determine which of them will have great impact on the project’s economic success. In this way, project engineers at Barrick Gold can understand where to direct their focus.
Hugh Williamson, BP's global specialist on well cost estimation and risk management, uses Monte Carlo analysis to highlight the key drivers of success. This enables managers to focus their efforts and take a proactive approach to risk.
Training in the application of Monte Carlo simulation and risk analysis using Crystal Ball software is available from Hearne Scientific Software.
Many people that have attended a course run by Hearne recommend it, including people from: Chevron Corporation, BHP Billiton, ROI Institute of Australia, Iluka Resources, University of Tasmania, HLA Envirosciences, Trust Investments Management Limited, M-TAG - a unit of IMS Health, Helix RDS, DM Harrison & Associates, Alcan Inc.
From Monte Carlo simulation to forecasting, optimisation and real options analysis, Crystal Ball software tools are what you need. More then 85% of fortune 500 companies use Crystal Ball software.
Crystal Ball software and training is available from Hearne Scientific Software.