Updates from Palisade
@RISK Modeling Tips
» Mumbai 13 January
Project Risk Assessment
Transnet Turns to @RISK to Evaluate
Francois Joubert, National Program Risk Manager with Transnet Capital Projects (TCP), explains: "It is a complex project environment…A project can be a like-for-like replacement, requiring a team of three people, costing less than $465,000, and have a duration of three weeks, or it can be a port infrastructure project with multiple stakeholders, costing $558M, involving 150 people, and requiring complex engineering and procurement which takes five years to complete."
Using @RISK, Joubert used TCP's existing risk registers to identify the following:
Joubert says that Palisade software made this project possible. "It's an excellent decision-making tool; it provides scientific, defendable numbers for contingency, risk ranking, etc.," he says. "There are too many useful features to count—but its flexibility of use, particularly because it is Excel based—may be the most valuable."Clay Graham's Baseball Gaming wins 3rd place at MIT Sloan Sports Analytics Conference
Risk expert, Clay Graham's 'Diamonds on the Line: Profits through Investment Gaming' paper won 3rd place in the 2015 MIT Sloan Sports Analytics Conference Research Paper Competition in Boston. The conference is the "Super Bowl" of sport analytics, with over 3100 attendees.
@RISK screencap from Clay Graham's winning paper.CIO Review's Metals & Mining Special Edition Features @RISK Success Stories
The "Metals & Mining Special Edition" of CIO Review features an article by Palisade's vice president, Randy Heffernan, detailing several success stories. Heffernan describes how Met-Mex Peñoles and Anglo American used risk analysis software @RISK for applications like Six Sigma, sensitivity analysis, and real options. Mining companies benefit from decision trees also, as in the Metaproject story, in which an analyst used PrecisionTree to recommend the best method of saving the 33 Chilean miners trapped in a San José mine in 2010.
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Review of Palisade's BigPicture software
Many companies have to decide whether to replace a machine before it fails. A common strategy is a planned replacement interval. That is, replace every machine that has not failed after M hours of operation with a new machine. The rationale is that after a while a machine is likely to fail, and if we have not replaced it our production process will be subject to more down time than if we had made a planned replacement. Too small a value of M will result in prohibitively high replacement costs while too large a value of M will result in excessive down time. Palisade's RISKOptimizer can easily be used to determine optimal planned replacement strategies.
Introduction to BigPicture
Introduction to Risk and Decision Analysis using
Introduction to Risk Analysis using @RISK
Introducción al análisis de riesgo y
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