How to evaluate a new opportunity, its financial contribution, the generated cost and the involved risk, when quantitative information is, at best, partial?
Managers have to make decisions no matter what. They combine considerable intuition with various tools like cost-per-unit and forecasts that are usually not more than wishful thinking. Continue reading
One of best features about working in reliability engineering is everything fails, eventually. This fact provides a bit of career stability.
Another aspect I enjoy is the concepts and approaches that create the foundation for reliability engineering knowledge do not change very much over time. The basics of reliability engineering are the same as when the earliest engineers began design structures and products. Continue reading
When aspirin (acetylsalicylic acid) was first recognized by the medical profession over a hundred years ago, it was thought to be something of a miracle drug. It had the effect of lessening or even eliminating pain from headaches, reducing fever and inflammation, as well as lessening the pain of injuries to muscles. More recently, clinical trials showed benefits in older people in delaying or preventing cancer and heart disease. Continue reading
The four knowledge cornerstones of project risk management are:
Why are these called the four cornerstones? Each cornerstone addresses a primary risk source as shown in Table 1. This article address risk management. The remaining cornerstones will be addressed in separate articles. Continue reading
ISO 31000 defines ‘risk’ as the effect of uncertainty on objectives. The Framework for Management of Drinking Water Quality (Australian Drinking Water Guidelines) includes a requirement to identify hazards, understand risk and the uncertainty associated with it. Understanding uncertainty is important in making sure the management of your water supply systems is optimised. Continue reading