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Building upon the technical and organizational groundwork presented
in the first edition, Risk Assessment and Decision Making in
Business and Industry: A Practical Guide, Second Edition addresses
the many aspects of risk/uncertainty (R/U) process implementation.
This comprehensive volume covers four broad aspects of R/U: general
concepts, implementation processes, technical aspects, and examples
of application. Each section provides practical guidance, combining
technical information with advice on how to implement R/U
techniques and processes in real-world corporate environments.
Following an examination of general principles involved in
quantitatively assessing risks and their impact on value, the book
describes the two main probabilistic measures of project value -
Expected Value of Success (EVS) and the Expected Value for the
Portfolio (EVP). The text clearly demonstrates how these metrics
are used in individual-project and portfolio management. By
presenting concepts in layman's terms and fully integrating advice
related to technical and human characteristics of R/U-related
corporate life, this book serves as a complete primer for
professionals in any business environment. What's New in the Second
Edition: Provides guidance for implementation of R/U processes in
modern corporations Offers a crucial breakthrough by defining the
terms "risk" and "uncertainty" in ways that can be applied in all
aspects of science and business Explores real-world impediments to
process change and implementation Addresses R/U from a corporate
decision-maker's perspective, detailing how to employ R/U to set
budgets, manage portfolios, value investments, and execute other
critical tasks
"Risk or uncertainty assessments are used as aids to decision
making in nearly every aspect of business, education, and
government. As a follow-up to the author's bestselling Risk
Assessment and Decision Making in Business and Industry: A
Practical Guide, Risk Modeling for Determining Value and Decision
Making presents comprehensive examples of risk/uncertainty analyses
from a broad range of applications. Decision/option selection
Risk or uncertainty assessments are used as aids to decision making in nearly every aspect of business, education, and government. As a follow-up to the author's bestselling Risk Assessment and Decision Making in Business and Industry: A Practical Guide, Risk Modeling for Determining Value and Decision Making presents comprehensive examples of risk/uncertainty analyses from a broad range of applications.
Decision/option selection Manufacturing Environmental assessment Pricing Identification of business drivers Production sharing Insurance Scheduling and optimization Investing Security Law
Emphasizing value as the focus of risk assessment, this book offers discussions on how to make decisions using each risk model and what insights the model can provide. The presentation of each model also includes computer code that encapsulates its logic and direction on how to apply the model to other types of problems.
The author devotes a chapter to techniques for consistently collecting data in an inconsistent world and offers another chapter on how to reflect the effect of "soft" issues in the value of an opportunity. The book's final chapters delineate the techniques and technologies used to perform risk/uncertainty analyses, including sections on distribution, Monte Carlo process, dependence, sensitivity analysis, time series analysis, and chance of failure.
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Building upon the technical and organizational groundwork presented
in the first edition, Risk Assessment and Decision Making in
Business and Industry: A Practical Guide, Second Edition addresses
the many aspects of risk/uncertainty (R/U) process implementation.
This comprehensive volume covers four broad aspects of R/U: general
concepts, implementation processes, technical aspects, and examples
of application. Each section provides practical guidance, combining
technical information with advice on how to implement R/U
techniques and processes in real-world corporate environments.
Following an examination of general principles involved in
quantitatively assessing risks and their impact on value, the book
describes the two main probabilistic measures of project value -
Expected Value of Success (EVS) and the Expected Value for the
Portfolio (EVP). The text clearly demonstrates how these metrics
are used in individual-project and portfolio management. By
presenting concepts in layman's terms and fully integrating advice
related to technical and human characteristics of R/U-related
corporate life, this book serves as a complete primer for
professionals in any business environment. What's New in the Second
Edition: -Provides guidance for implementation of R/U processes in
modern corporations -Offers a crucial breakthrough by defining the
terms "risk" and "uncertainty" in ways that can be applied in all
aspects of science and business -Explores real-world impediments to
process change and implementation -Addresses R/U from a corporate
decision-maker's perspective, detailing how to employ R/U to set
budgets, manage portfolios, value investments, and execute other
critical tasks
21st century companies are constantly evaluating and re-evaluating
the risk inherent to their businesses. Many firms have instituted
risk management programs to plan for and better protect key
investments and risk-related change management initiatives to
execute change in the organization. This implementation, however,
can be difficult due to its complexity and because many areas of
the firm can be resistant to change. Modern Corporate Risk
Management offers forward-thinking, practical solutions to the
technical, organizational, cultural, and political problems related
to corporate portfolio risk management, including how to realize
the related changes needed in most corporations to become
effective. Written in an easy-to-understand format by an expert who
has worked in a broad spectrum of businesses and industries, this
book explores using probabilistic techniques for budget/portfolio
processes and estimating project value, implementing external
verification and ""assembly line"" processes, promoting holistic
thinking, and encouraging cross-silo interactions. This valuable
reference is for anyone who has responsibility for managing
enterprise or project management risk.
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