DNV GL’s energy division consists of 3000 energy experts that deliver world-renowned testing and expertise for the energy value chain, including renewables and energy efficiency.
One of DNV GL’s customer’s, ROAF (Romerike avfallsforedling), an inter-municipal waste management company, wanted to invest in a new waste management system in order to meet EU targets of 50% minimum recycling of domestic waste by 2020. It had several recommendations delivered by a supplier, but needed to ensure that the final decision fell on the most cost-effective and sustainable system – and guarantee that all risks had been considered along the way, as well as an independent quality assessment of recommendations.
DNV GL worked with the customer to create a solid foundation for decision making by using @RISK to first understand and simplify assessment criteria, and then evaluate and report risks against these same criteria. “The main reason we chose @RISK is that it adds that critical uncertainty that is present in all investments and decisions into the model,” says Nicolaj Tidemand, Principal Specialist at DNV GL. “This gives invaluable information to decision makers, with the integration into Microsoft Excel making the tool very flexible.”
He continues, “Risk management offers the customer more control over the risks related to the business and what actions can be taken to ensure a successful business outcome. Quantitative investment risk analysis gives the customer more information about the risks related to their investment decision, the flexibility of Palisade’s @RISK supports simple cost risk models and complex quantitative risk analyses that could be tailored to the customer’s needs.”