Resources
For project sanction and to satisfy its many stakeholders, an oil and gas industry risk analysis expert needed to quantify the cost uncertainties and inflation on a projected $7.4 billion Canadian pipeline project. Using his own risk model build on the @RISK platform, John Zhao of Kinder Morgan and Riskcore Ltd. was able to combine qualitative and quantitative processes to produce a detailed and auditable analysis.
Palisade’s risk analysis software, @RISK, was recommended by the European Investment Bank for the task of modelling potential train travel over the next 30 years for the Slovak Rail Company.
Fernando Montemayor, Global Analysis Vice President of the consulting firm Throughput Professionals, and his team worked with the largest oil refinery company in Colombia (producing 250,000 barrels per day) to identify opportunities for optimizing their refining processes. Through analyzing the refinery’s processes with @RISK, Montemayor was able to identify the top key variables that drove efficiency, increasing yield by 1.5% and resulting in a savings of $40M.
A major U.S. beverage manufacturer was moving forward with implementation of a water recycling system, but faced a decision barrier around the perceived low cost of water. They hired Antea Group, an international environmental, health, safety, and sustainability (EHS&S) consulting firm, to conduct a quantitative analysis of the proposed project. Using @RISK, Antea Group was able to quantify the business value of the project once ‘true costs’ of water and the business benefits of the project were added to the company’s investment models. After this analysis, the company was able to justify the water recycling project that was previously not able to satisfy the firm’s internal investment hurdle rates.
National Grid UK, the electricity transmission system owner for England and Wales and the system operator for all of Great Britain, uses @RISK’s probabilistic modeling techniques to measure network restoration performance in a variety of simulated failure scenarios.
PragmaRisk uses the DecisionTools Suite to assess the risks related to budgets and schedules overrunning for engineering and construction projects. Using @RISK and StatTools (both part of the DecisionTools Suite), PragmaRisk determines the contingency funds required to mitigate risks, based on budgets available and the risk appetite of the organisation.
To train effective leaders at the University of Pennsylvania, Keith Hornbacher uses @RISK software to take graduate students through actual case studies of how organizations incorporated uncertainty into their decision-making.
The cost of pitting and corrosion of metals at sea is estimated to be around $1.372 billion, and is a major problem, especially with off-shore equipment that is required to process oil and gas 24 hours a day. A researcher applied @RISK to create a predictive map of the likelihood of naturally-caused corrosion of metal structures in a saliferous environment.
In-depth analysis using @RISK enables Pantektor, a construction consultancy based in Sweden, to define the best and most cost-effective fire protection strategy for every structure or facility that it is involved in designing, advising on, or providing risk analysis for.
At Cincinnati-based Cinergy (now Duke Energy Corporation), Soubhagya Parija uses @RISK to model decisions involving all of the utility's potential transactions with other companies, especially acquisitions.
Benjamin Waisbren, President and a shareholder of LSC Film Corporation, uses @RISK to analyze uncertainty behind financing major Hollywood films. The software helped finalize the funding and production of such blockbusters as Spiderman 2.
Biswas X-Ray and Scan Centre is located in Asansol, a coal city in eastern India. It is a dedicated imaging and research laboratory that specialises in brain tumours. Dr. Tapan Biswas, a member of the Indian Radiological Association and founder of the Biswas X-Ray and Scan Centre, had been keen for some time to establish a protocol that would allow his Centre to determine the pathological changes in brain tumours without the use of the injected contrast dye intravenous gadolinium. The contrast agent has been linked to the development of nephrogenic system fibrosis, a serious condition of the joints, skin and internal organis. It is highly toxic despite it being widely used in MRIs to enhance or discriminate brain tumours.
