Risk Software Simulation and the Modeling of Risk Variables: a 2 point discussion of the case of your choice.
As we explore the many tools and quantitative analysis processes available to Project Managers, probability analysis and calculating risks becomes paramount. The field of Risk Analysis emerged from the insurance industry, which utilized probabilities for over a century to calculate risks over populations, demographic sectors, and categories of accidents, project risk conditions, etc.
This week, you will be introduced to @Risk software and review one case on the company website. You do not need this software, only to analyze one case of your choice: https://www.palisade.com/cases/?caseNav=byIndustry
Please click on one of the 'Case Studies by Industry' tab and read a case that you select carefully. Then post your discussion on how such a tool might be utilized in the 'sector' of your professional industry (construction; IT; defense; environmental; academic; manufacturing; transportation, etc.) to aide in calculating or forecasting risk factors. Do not 'cut and paste' from the web site: review the methods.