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 ...

Dynamic Probabilistic Risk Assessment (DPRA) represents a significant evolution in the evaluation of nuclear power plant safety, integrating time-dependent models of system evolution with stochastic ...

Long before statistical whiz Nate Silver predicted the outcome of the 2012 presidential election and "Moneyball" became a household word, structural engineers employed the Monte Carlo method of ...

Probabilistic Safety Assessments (PSA), which was introduced in the 1970s as complement to deterministic safety analysis methods, is a well-established tool that supports design and safety assessment ...

Just because a critical failure hasn’t happened yet doesn’t mean it won’t happen in the future. The question becomes: If it ...

A comprehensive guide and tool to help organizations implement probabilistic risk analysis. The guide provides an overview of the risk register tool and gives an example of a project that used it.

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This study investigates the potential of probabilistic classification to enhance credit-scoring accuracy, with a focus on model validation through reliability thresholds. By quantifying prediction ...