Decision making

Project Management under Uncertainty

Project Management under Uncertainty

The objectives of the project scheduling are to determine the earliest start and finish of each task in the project.

The aim is to be able to complete the project as early as possible and to calculate the likelihood that the project will be completed within a certain time frame.

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The role of events in simulation modeling

The role of events in simulation modeling

This entry is part 2 of 2 in the series Handling Events

The need for assessing the impact of events with binary outcomes, like loan defaults, occurrence of recessions, etc. arises often in economics and other areas of decision making.

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Risk Appetite and the Virtues of the Board

Risk Appetite and the Virtues of the Board

This entry is part 1 of 1 in the series Risk Appetite and the Virtues of the Board

Multiple sources of risk are a fact of life. Only rarely will decisions concerning various risks be neatly separable. Intuitively, even when risks are statistically independent, bearing one risk should make an agent less willing to bear another.

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The Most Costly Excel Error Ever?

The Most Costly Excel Error Ever?

This entry is part 2 of 2 in the series Spreadsheet Errors

Efficient computing tools are essential for statistical research, consulting, and teaching. Generic packages such as Excel are not sufficient even for the teaching of statistics, let alone for research and consulting

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Working Capital Strategy Revisited

Working Capital Strategy Revisited

This entry is part 3 of 3 in the series Working Capital

As levers of financial performance, none is more important than working capital. The viability of every business activity rests on daily changes in receivables, inventory, and payables …

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Inventory management – Stochastic supply

Inventory management – Stochastic supply

This entry is part 4 of 4 in the series Predictive Analytics

The introduction of uncertain supply has shown that profit can still be maximized however the profit will be reduced by increased costs both in lost sales and in excess inventory. But most important, profit variability will increase raising issues of possible other strategies.

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