The risk analysis model below examines the familiar production forecasting model for oil and gas wells, the exponential decline curve. The standard equation, q = qie-at (3.3), can be used with random variables for both qi (the initial production rate, sometimes called IP) and a (the constant decline rate). Here the model has an additional […]

# Daily Archives: September 19, 2008

## Using a Risk Factor Approach to Model Project Risks

When building a Monte Carlo simulation model in @RISK for project risk analysis, we can incorporate a risk register through risk factors. Risk factors are more concrete abstractions of risk and define situations that can be individually assessed with a limited amount of information. Risk factors affect a project through the occurrence of events that […]

## Six Sigma Webinar- Bad or Missing Data

On Thursday of last week, I attended a free webinar, Minitab Methods to Deal with “Bad” Data, which was given by Master Black Belt Rick Haynes of Smarter Solutions. This is a topic that typically isnâ€™t addressed in most Six Sigma Black Belt courses, but is extremely important for most six sigma practitioners to know […]