There are a variety of approaches that are used to conducting risk assessment, ranging from those that are informal and unstructured, those that are structured but purely qualitative, to those that are highly quantitative. The choice of which method to use is often itself unstructured and imprecisely defined, which can lead to errors and inefficiencies in the process. [Read more…] about The Various Approaches to Risk Assessment
Archives for October 2015
When creating samples of probability distributions in Excel (such as by using the NORMSINV(RAND()) combination that is widely used, there are many reasons to instead create these samples using user-defined functions (in VBA).