How to Optimize Production and Inventory and Improve Tolerance Stacking Through Risk Analysis and Forecasting Supply chain management issues continue to be top of mind for manufacturers, specifically issues relating to optimizing production and inventory. According to a survey of more than 200 manufacturers published by Deloitte in September 2022, part shortages impacted 57% of […]
Organizations of all types use analytics to approach decision-making more objectively, accurately, and confidently. These techniques help decision-makers at all levels to be better-informed and to think in unbiased terms. Study after study shows that businesses who apply some level of rigor and analysis to complex decisions routinely enjoy better outcomes. But what is analytics? […]
Research and technical writers at every level across all disciplines and industries experience the unique challenges of academic and professional writing – finding the right voice, composing compelling arguments, and weaving in qualitative and quantitative data. Those considerations are on top of the constant struggle to organize immense amounts of data, identify common themes and […]
And how you can find peer-reviewed journals for your first research paper Did you just get assigned your first research paper and are wondering about the requirement to use “peer-reviewed” or “scholarly” journal articles? You’re not alone. I worked as an intern for a while at my university’s library, and I still remember the day […]
Dr Agustinus Bandur uses NVivo to improve the quality of education in Indonesia. One of the driving influences behind improving the quality of education across Indonesia’s schools and higher education institutions is Dr Agustinus Bandur. A senior lecturer and strategic research & partnership leader at BINUS University in Jakarta, Dr Bandur has spent more than […]
In the United States it has become popular for presidential candidates to appear on entertainment talk shows. A study was undertaken to explore how viewers accept the humourous information that they watch in late night talk shows as legitimate political information. Who used NVivo? David Rhea, Assistant Professor, Communication Studies, Governors State University, Illinois, USA […]
Continuing with this series of articles introducing cost estimating with @RISK, we will compare the use of the most popular distributions of this technique: the Triangular and the PERT. We know that cost estimation is one of the most critical parts of project management. In addition, we know that three-point estimation – with PERT or […]
This article offers a simple and concise explanation of the Monte Carlo simulation, a technique that combines statistical concepts (random sampling) with the ability of computers to generate pseudo-random numbers and automate calculations, for basic cost engineering. The key to Monte Carlo simulation is to create a mathematical model of the system, process, or activity […]
Jim Aksel, Principal at ProjectPMO in Anaheim, California, has consulted for several major aerospace companies in project and schedule management. In this case study, he discusses how he helped a major aerospace company deal with schedule risk analysis for the development of defensive missiles. Their end-buyer, the US Navy, required the company to use a more quantitative and rigorous method for evaluating the credibility of their Schedule Model and to use the model as a predictive tool in program management. Thanks to using @RISKin conjunction with Microsoft Project, Aksel was able to provide the company a rock-solid model proving that their schedule estimation was reliable.
Actuaries face similar challenges every day when calculating requirements for pension funds, life insurance, or long-term care. A research study provides a model for projecting economic indices such as interest rates, equity price levels, inflation rates, unemployment rates, and real estate price levels. The model was constructed in @RISK and is available on two actuarial society websites.
Liquid eggs are used as an ingredient in many foods around the world. The risk of Listeria bacteria in eggs, which can lead to illness or even death, is a serious threat to a crucial food source. Kewpie Corporation, a major Japanese producer of liquid eggs, researched the risks of these bacteria in cooperation with the University of Tokyo. The researchers used Palisade’s @RISK software to accurately measure the risks, resulting in vital findings for the food safety industry.
In a sector that faces many risks, engineering and construction services company Murray & Roberts takes a cash flow based approach to enterprise risk management (ERM). Using @RISK from Palisade enables it to simulate the risk scenarios identified in order to advise on the most effective mitigation strategies and controls.
