Resources
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.
The expansion of global supply chains has meant an exponential growth of the risk of disruptions to those networks. Organizations around the world are turning their eyes away from decision making processes based on single-point estimates, and viewing their risks and opportunities with more sophisticated techniques such as Monte Carlo simulation. Click here to read […]
Increased use of risk analysis in the form of quantitative risk management (QRM) and decision-making under uncertainty (DMUU) is helping organizations to be prepared for unforeseen risk. Click here to read the article.
Community services provider Arc of Yates utilizes simulation program to predict potential budget shortfalls Click here to read the article.
A South African infrastructure development company has used @RISK risk analysis software to ensure it attracts funding for projects to deliver basic community services that would otherwise be ‘unbankable’. Click here to read the article.
