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Business Intelligence, Asset Management and Risk Assessment Based Decision Making

Business Intelligence, Asset Management and Risk Assessment Based Decision Making Today, more than ever, planners and decision makers are held accountable for outcomes often appearing to be beyond their control, generated by decisions made by others, which were made in different times and socio-economic, industrial and legal environments. Complex and interdependent systems are difficult to grasp and understand. Business systems have become overwhelmingly complex and interdependent and it is often difficult to gain clear understanding of their elements and operating…

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The paper titled “Pyramids, Toxic Wastes & Nuclear Reactors Containments. A Lesson Drawn from History with a Risk Manager Perspective.” got accepted!

A new paper by Riskope: Pyramids, Toxic Wastes & Nuclear Reactors Containments. A Lesson Drawn from History with a Risk Manager Perspective. Pyramids, Toxic Wastes & Nuclear Reactors Containments. A Lesson Drawn from History with a Risk Manager Perspective Riskope wrote a paper for the IAEG XII Congress – Torino, September 15-19, 2014. The paper abstract is the following: Risk Assessments for “perpetuity” (geo-engineering) projects, i.e projects that should last “forever” and/or receive “perpetual care”, are raising in number and criticality. These project  oftentimes…

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Teaching Risk and Crisis Management. What has changed between 1999 and today?

Teaching Risk and Crisis Management. What has changed In a few months Riskope will celebrate another important anniversary. In 2012 we celebrated two decades of risk and crisis management, decision making support and consulting. In spring 2014 we will reach fifteen years of specialized courses and seminars on the same subject. As we found in our archives the Table of Content of the course we were giving at University of British Columbia (continuous education) UBC in 1999 we decided to…

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What to do instead than common practice Probability Impact Graphs and FMEA

What to do instead than common practice Probability Impact Graphs and FMEA Consider this a summarized guide to introduce you to the procedure to avoid obsolete and flawed common practice approaches. What to do instead than common practice Probability Impact Graphs and FMEA? In fact, you can find information on the “rules” for proper risk assessment here an interesting white paper entitled “What you need to know about Risk Management methods” here. The white paper presents the benefits and limitations of…

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Some Buzz-words and their meaning. Resilience Cont’d (3rd part).

In this post we keep analyzing some buzz-words and their meaning. Resilience Cont’d (3rd part) is today’s subject. The prior post discussed “antifragile”. Some Buzz-words and their meaning. Resilience Cont’d (3rd part). Another buzz-word: resilience. Following the dictionary, resilience is the ability to become strong, healthy, or successful again after something bad happens (so, it would be a subset of antifragile, as it contemplates return to normality, but not thriving out of the mishap). Resilience is also the ability of…

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Some Buzz-words and their meaning. Antifragile Black Swan Cont’d (2nd part).

Some Buzz-words and their meaning. Antifragile Black Swan A new word: Antifragile. It seems like Mr. Taleb has coined a new word: “antifragile.” “Fragile” is the opposite of “robust”. Taleb adds the antifragile word to describe a system that thrives—its performance actually improves— under stress. Taleb’s new book mostly considers the notions of fragility and antifragility in biological, medical, economic, and political systems. Under that definition it is difficult to imagine an engineering systems that would be antifragile? Engineers have…

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Some Buzz-words and their meaning. Reliability

Some Buzz-words and their meaning. Reliability A little bit of history and a couple definitions. There was a time where professors in good engineering schools around the world used to state that a chain is only as strong as its weakest link. Actually, most likely the Romans and many military engineers like Marechal de Vauban (who were also the first “serious” geotechnical engineers around ‘600-‘700, by the way) were also designing following that principle. The idea was: in a system…

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Car accidents, cold, more examples of biased and misleading FMEA/PIGs results

Reviewing Car accidents, cold, more examples of biased and misleading FMEA/PIGs results adds to prior information published in this blogpost. In particular we show how results of a Risk assessment matrix 5×5 or 4×4 can actually cloud our judgement. Car accidents, cold, more examples of biased and misleading FMEA/PIGs results Dear X, Thank you for asking us to review your draft Risk Assessment for the ACME Inc. operation. I reviewed your FMEA/PIG risk matrix 4×4 and have the following remarks. Note if…

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