The IRMA Community
Newsletters
Research IRM
Click a keyword to search titles using our InfoSci-OnDemand powered search:
|
Modeling Risk and Opportunity Reality
Abstract
The author of this chapter worked for 42 years in the construction industry. Employed by a company with great leadership, vision and values. The author was able to evolve from the pencil and paper applications to the latest in data acquisition, analysis and modeling. Simulation modeling and business science were successfully applied to many business functions with significant results in predicting risk and uncertainty ranges before bids, projects and investment decisions were complete. Included in this chapter are samples of Strategic Bidding, Cost (Range) Estimating, Scheduling, Project Management/Control, and Corporate Resource Management. Business processes can be measured for Stability, Capability and Predictability. Consistently balancing decisions within the upper and lower control limits, using valid reasoning for taking advantage of risk or opportunity will usually guarantee long term success. Reality can be a friend if it is measured and applied with the right expectations. Modeling creates the environment for tapping into substance and understanding.
Related Content
|
.
© 2024.
36 pages.
|
|
.
© 2024.
23 pages.
|
|
.
© 2024.
23 pages.
|
|
.
© 2024.
25 pages.
|
|
.
© 2024.
21 pages.
|
|
.
© 2024.
20 pages.
|
|
.
© 2024.
16 pages.
|
|
|