RiskFit

Description

RiskFit(fit name,selected fit result) links a data set, and its fit results, to the input distribution the RiskFit function is used in.  The fit name in quotes is the name of the fit given when the data was fit using the Fit Distributions to Data command.  The selected fit result in quotes is a string used to identify the type of fit result to select.  The RiskFit function is used to link an input to the fit results for a data set, so that when the data is changed, the input distribution selected from the fit can be updated.

The selected fit result can be any of the following: AIC, BIC, ChiSq, AD, KS, RMSErr, or a distribution name such as “Normal”.

The RiskFit function “hot-links” a distribution function to a data set and the fit of that data set.  The data used in a fit is in a range in Excel.  When the fitted data changes and a simulation is started, the following actions take place:

@RISK re-runs the fit using the current settings on the fit tab where the fit was originally run.

The distribution function that includes the RiskFit function that references the fit is changed to reflect the new fit results.  The changed function replaces the original one in Excel.  For example, if the distribution function's RiskFit argument specifies “AIC” for selected fit result, the new best-fitting distribution based on the AIC criterion will replace the original best fit.  This new function will also include the same RiskFit function as the original one.

For more information, see the Distribution Fitting section of this manual.

Examples

RiskNormal(2.5, 1, RiskFit("Price Data", "AIC")) specifies that the best fitting distribution with the AIC criterion for the fitted data associated with the fit named Price Data is a normal distribution with mean 2.5 and standard deviation 1.

Guidelines

None.