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Risk Management and VaR – Not Safe for Everybody?

Sean Salleh 12 Aug 2013 Risk and uncertainty

Value at Risk (VaR) rose to fame in answer to a number of financial disasters, including the 1998 failure of Long Term Capital Management. Much of the criticism at the time was that institutions were not performing risk management correctly. In...

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Decision Support Systems: an Extended Taxonomy

Sean Salleh 09 Aug 2013 Modeling methods

Slicing and dicing data for insights and conclusions is all part of the decision support process. But decision support systems themselves can be sliced and diced to segment them according to operation, application, malleability and organizational sector. User preference may...

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OR Analysis – Do You Speak My Business Language?

Sean Salleh 08 Aug 2013 Analytics and OR

In terms of academic pedigree, OR analysis has it all or pretty much. Underpinned by mathematics and endorsed by university faculties, it also has solid supporters among government agencies and the armed forces. And yet when it comes to business,...

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Measuring Uncertainty and Understanding Its Propagation

Sean Salleh 07 Aug 2013 Risk and uncertainty

I used to be uncertain, but now I’m not so sure. Whatever the cause, uncertainty is a fundamental part of the real world and has to be dealt with. By way of a definition, uncertainty is an unknown that...

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Five Business Intelligence Steps to Smooth Out a Rocky Road

Sean Salleh 06 Aug 2013 Modeling methods

In theory, business intelligence transforms the raw data of organizations into information useful to them at the click of a mouse. Dashboards are updated in real time to give enterprises precise, up to the minute information on sales, production, stock,...

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When Multiattribute Decision Analysis Needs Monte Carlo

Sean Salleh 05 Aug 2013 Risk and uncertainty

Multiattribute decision analysis (MADA) is by definition a complex matter. Trying to balance or optimize a number of criteria at the same time in order to make a decision is enough to try anyone’s patience. Efforts to resolve the...

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Keeping Long Term Environmental Modeling Credible

Sean Salleh 02 Aug 2013 Energy and environment

Environmental modeling typically requires consideration of longer periods of time than in other domains. Whereas a data center might be modeled for five years, the environment is often analyzed for as much as twenty-five years: one reason is that if...

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Analytica 4.5 beta available

Lonnie Chrisman 01 Aug 2013 News

Update 16 Dec 2013: The beta testing period for Analytica 4.5 is now closed. (Below shows the article as it appeared when posted 2 Aug 2013) The first beta release of Analytica 4.5 and

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Can OR Methods Commoditize Worker Activity?

Sean Salleh 01 Aug 2013 Analytics and OR

For those of you who thought that time and motion models were prehistoric relics, look out! OR methods might just be on the way to modeling new super-efficient workforce techniques.  The father of time and motion studies was Frederick...

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Standard Deviation for Normal People

Sean Salleh 31 Jul 2013 Risk and uncertainty

Standard deviation is a mathematical way of indicating what is normal or what is exceptional. Some people get very creative with the concept. Applications include anything from predicting another round of recession for the US to deciding whether scientists have...

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