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Why climate risk and consequence overcost have common similarities

Today we look at why climate risk and consequence overcost have common similarities. Have you ever been involved in a project whose final budget exploded due to consequence of apparently small, negligible schedule or material risks? Similarly, even thus we record small change in weather averages, big impacts are being noticed. Let’s find out why this happens. Probability of overcost vs. Likelihood of event Lets suppose the consequences of a risk scenario vary between 0 and 20M$ with an average…

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AI with poor data and extreme events

We have been speaking about AI with poor data and extreme events in recent blogs and there is a chapter touching on this in our book. Big data, machine learning and AI can only work if, well, big data exists. A recent MIT study has shown this. AI with poor data and extreme events, a risky mix In mining, dams failures are relatively rare events despite what sensationalistic media and activists state without delving with detailed numeric analyses or by…

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