Webinar: Avoid critical failure in engineering - 2 of 2
How to avoid critical failures and extreme unexpected costs in your wind power operations.
Building on the usage of the Inherent Risk List from the first webinar on 7 December 2023, we provide an improved method of analysis with the aim of fixing a major flaw in engineering decision-making.
An employee or manager stating, "That is a risk I am willing to take!" represents one of the most dangerous statements in our organisation. We present an approach to analysing such risk exposure situations and show how simple modelling, using Montecarlo simulations, can improve project and operation governance by highlighting the value of data and controls.
The model easily builds into a powerful tool for analysing the long-term extreme cost exposure that can originate from short-term engineering decision-making. Besides being an easy-to-use tool, it helps build a healthy risk culture and provides valuable reporting opportunities for projects and operations.
Engineers, managers and executives in operation and development. We will present a case on wind power, but the webinar learnings can also apply to maritime operations and Power-to-X.
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