Resources
The Wall Street Journal featured @RISK's 2014 World Cup simulation model in their article, "The Journal's Prediction". Reporter Matthew Futterman consulted Fernando Hernández on his "brilliantly logical prediction model" that picks who would win -- with home-field advantage and without. Click here to read the article.
NVivo allows you to create diagrams from your data - a picture emerges of different categories and nodes and how they relate to each other. Coding queries give you insight into the sort of data you have so that you begin to understand what may be worthy of further examination. Matrix coding queries then allow […]
The article shines light on the fact that the U.S. Food and Drug Administration has launched an interactive web-based tool called iRISK, to combat the seeming endless risks in the "farm-to-table" pathway. Like @RISK, this tool utilizes Monte Carlo simulation to analyze potential food contamination risk based on a number of factors: the food(s), the […]
A recent article written Randy Heffernan explores a variety of applications of Monte Carlo simulation in the manufacturing sector, such as: minimizing pilot programs, enterprise resource planning, supply chain continuity and potential financial losses. By utilizing simulation software such as @RISK, risk factors are revealed that would have otherwise taken stakeholders by surprise. Click here […]
The Super Bowl brings a significant amount of speculation on a multitude of outcomes—from who will win the match, to what color Gatorade will be dumped on the winning coach. For Super Bowl XLVIII between the Denver Broncos and the Seattle Seahawks, Randy Heffernan takes the reader through a step-by step guide on how to […]
As green options move toward becoming the norm, new risks can result, such as whether environmentally-friendly materials can withstand a major earthquake, hurricane or flood. Green builders are turning to Monte Carlo simulation, a computational model that examines all possible outcomes and identifies the probabilities of different scenarios happening. According to Randy Heffernan, “Managers employ […]
Monte Carlo simulations, named for the city in Monaco, were developed during the 1940s with the Manhattan Project. But today’s simulation software can be used for a range of industries and applications to help people make decisions about their products and processes. Dr. Eric Maass, co-author of the book "Applying Design for Six Sigma to […]
In this post, Dr Jenine Beekhuyzen explains the importance of a codebook when working in a research team. I originally began writing this blog post about teamwork and my recent experiences in seeing how important it is to clarify the definitions of codes when working in teams. But I now realize that such advice applies […]
Business innovation is the lifeblood of most enterprises – and given the inherent high uncertainty, a high level of decision quality is essential. Many parties are involved in the decision-making process, and often they have conflicting values, motivations, perspectives, personalities and power bases. These organizational issues are reinforced with analytical complexities such as the large […]
In light of evolving demands from customers, makers of enterprise risk management software programs are reworking their offerings with an emphasis on increased speed and usability. Randy Heffernan is quoted in the article. Click here to read the article.
How do businesses eliminate risk? The simple answer is this: They can't. It is impossible. Understand the nature of risk factors, and plan strategies accordingly. Create an environment in which the reality of risk is communicated, and employ the latest technological advances to forecast risk in order to improve the company's "risk health." Click here […]
Alternative Energy eMagazine interviewed Randy Heffernan about risk analysis in the energy industry. The article highlights FutureMetrics’ use of @RISK to hedge wood prices in the production of burning wood pellets. Click here to read the article.
