In a Nature Communications study, researchers from China have developed an error-aware probabilistic update (EaPU) method ...

In the event of dry weather and high winds, power system-ignited incidents are more likely to develop into wildfires. The risk is greater if vegetation is nearby. A new study provides the methodology ...

Researchers in China have developed an error-aware probabilistic update (EaPU) method that dramatically improves the ...

The design and construction of capital projects can be extremely complex. Uncertainty and risk add to this complexity and, as a result, many projects experience significant cost overruns and schedule ...

Learn to apply Bayes' theorem in financial forecasting for insightful, updated predictions. Enhance decision-making with ...

Continuous probabilistic techniques involving simulation can help managers predict the likelihood of time and cost overruns in all types and sizes of oil and gas projects. By deriving time and cost ...

“What kind of investment do we make in technology to create flexibility?” Nuts and Bolts: Taking its cue from the Nobel-prize-winning Black-Scholes model for valuing options, ROV aims to put a ...