Risk and uncertainty are rarely evaluated as an integral part of the planning process. An array of risks—from hydrocarbon potential and operating characteristics, to political or market factors—can ...

The gambler, the quantum physicist and the juror all reason about probabilities: the probability of winning, of a radioactive atom decaying, of a defendant’s guilt. But despite their ubiquity, experts ...

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 ...

Although probabilistic risk analysis methods, a component of project risk management, have been regularly available to designer and construction practitioners since the early 1990s, their use is not ...

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 ...

Not everyone is happy with the probabilistic nature of quantum mechanics. The fact that particles are only statistically likely to be somewhere you expect them to be is a tough cookie to swallow. To ...