Cummins, Inc. is the world’s leading designer and manufacturer of engines and related systems. The company’s success has a lot to do with its Design for Six Sigma (DFSS) program, of which @RISK is a key component. According to Cummins Director for Six Sigma Ernest Lifferth, the @RISK-infused DFSS program has realized hundreds of millions of dollars in cost savings for Cummins.

@RISK Bridges the Statistics Gap
“Our Six Sigma program cultivates an atmosphere of discipline in decision making that relies on data,” Lifferth says. “It’s data driven.” And of course, that’s where @RISK has proven itself. One Green Belt candidate not only learned how to use @RISK for decision analysis, but how to use it to reduce errors in forecasting. Says Lifferth, “We are interested in enabling engineers to use statistics – and @RISK is a great tool for this.”

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Getting oil and gas safely and efficiently to the surface is a significant challenge for energy companies. Advanced drilling and extraction techniques are often needed to optimize well efficiency. Energy companies need to decide when and where to use these techniques.

Under Balanced Drilling Analysis
Blade Energy, a well design and oilfield technology consulting firm, has created a unique analysis tool that can predict the benefits of using advanced extraction techniques, such as Under Balanced Drilling. Dubbed the “Under Balanced Drilling Productivity Improvement Estimator” (UBD PIE), the tool employs years of data and Palisade’s @RISK at its core.

Multiple Benefits for Clients
“Our clients see the value of under balanced drilling not only in productivity improvement but also in reservoir characterization”, says Shaikh Rahman of Blade Energy. He adds, “@RISK’s strong statistical capability has made UBD PIE robust.”

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By J Davidson Frame

Managing Risk in Organizations, by renowned project and risk management author and lecturer David Frame, provides a compendium of strategies, techniques, and tools for identifying and dealing with risk. The book examines the risks routinely encountered in business, offers prescriptions to assess the effects of various risks, and shows how to develop effective strategies to cope with risks. The techniques discussed can be readily applied using @RISK.

Managing Risk in Organizations is essential reading for project managers, financial managers, and any manager or consultant who deals with uncertainty within an organization.

For more information about the book
For more about @RISK