The risk of planes crashing due to volcanic ash
When the Icelandic volcano Eyafjallajøkul had a large eruption in 2010 it lead to closed airspace all over Europe, with corresponding big losses for airlines.
Other topics
The Most Costly Excel Error Ever?
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
Working Capital Strategy Revisited
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 …
Inventory management – Stochastic supply
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.
Inventory management – Some effects of risk pooling
We have thus shown through Monte-Carlo simulations, that the benefits of pooling will increase with the number of locations and that the benefits of risk pooling can be calculated without knowing the closed form of the demand distribution.