What are the characteristics of successful managers? Surveys consistently show decision-making ability at or near the top of the lists. Perhaps no management activity is more important. Risk and Decision Analysis in Projects by John R. Schuyler presents the approach and principal techniques of decision analysis to help the reader realize faster, more confident, and …
Tag Archives: Project management
@RISK used by National Grid UK in Electricity Network Restoration Planning
National Grid UK, the electricity transmission system owner for England and Wales and the system operator for all of Great Britain, uses @RISK’s probabilistic modeling techniques to measure network restoration performance in a variety of simulated failure scenarios. In other words, if the system, or part of it, somehow breaks down, the people at the …
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@RISK for Cost and Schedule Risk Using Risk Registers (with Example Model)
@RISK can be used in conjunction with MS Project and Excel to model the schedule and cost risks inherent in large, complex projects. This example demonstrates the use of @RISK to build a complete model of the construction of a new commercial venue. The model includes uncertainty in task times, a Risk Register for calculating …
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New Edition of Book “Risk and Decision Analysis in Projects”
John R. Schuyler delivers a wholly rewritten and expanded successor to the best-selling prior editions of his book. Decision analysis provides assistance in making logical, consistent decisions under uncertainty. This book instructs readers in applying decision analysis to a wide range of project decisions. An essential concepts and how-to guide intended for serious Project Management …
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Patrick Engineering Uses @RISK for Cost and Schedule Risk on MBTA Project
Patrick Engineering, a nationwide U.S. engineering, design, and project management firm, provides independent cost estimating, scheduling, and risk analysis services for the Massachusetts Bay Transportation Authority (MBTA). Given the uncertainty of cost and schedule duration estimates, the best way to display them is with probability distributions. Patrick Engineering uses @RISK to assess cost and schedule …
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Project Manager Today’s In-Depth Review of @RISK Professional
Project Manager Today took an in-depth look at @RISK Professional in a 4-page article in July. “All projects involve risks, but it’s vital to understand what those risks are and how they might affect your budget and schedule,” explains author Steve Cotterell. “@RISK is a well-established software tool that’s been designed to help you do that.” …
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Corralling Costs Down Under
Using Monte Carlo simulation in project planning has proven to save time and money, yet many organizations still rely on less effective methods to mitigate risk. Dr. Stephen Grey and his colleagues at Broadleaf Capital International in Cammeray, Australia, have spent decades helping steer clients towards sound methods of planning projects, from deciding where to …
Reviewing Risk for South Africa’s Rail, Port, and Pipeline Projects
Managing the delivery of all necessary goods within a country is not a simple task. It can require the careful coordination of ships, ports, railways, and pipelines to ensure that citizens, no matter where they are, get the goods and services they need. Expanding this system to accommodate more people and growth can be a …
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@RISK Models Public Transit Expansion in Edmonton, Alberta
The Canadian city of Edmonton, Alberta, is expanding their public transportation, known as the Light Rail Transit (LRT) system, from just one line to a network that connects all sectors of the city. Of course, projects like these are expensive—anywhere from $200-$800 million—and come with considerable uncertainty. To deal with this, the City brought on …
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Major Corporations Lack Risk Management Strategies
Even the largest and most successful businesses have something to learn when it comes to managing risk. “Companies are working harder to identify potential risks to their business, but many still fail to incorporate those risks into strategic plans or inform the board of directors,” writes Wall Street Journal senior editor Emily Chasan. In her article …
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