CAPABILITY SUBJECT 08

Risk, Uncertainty, and Decision Support

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Conceptual engineering illustration: risk reliability
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Analytical Methods & Quantitative Decision Support

Probability, expected value, variance and covariance help describe uncertain demand, failures and schedule exposure. Event-arrival models, state-transition models and queueing relationships connect operating variability with staffing, availability, cycle time and work in process. Scenario analysis makes the consequences of assumptions visible before a commitment is made.

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