Silicon Valley Nonprofit Hosts Workshop Introducing a Collaborative Approach to Risk Management

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Apr 29, 2016, 02:14 ET

PALO ALTO, Calif., April 29, 2016 /PRNewswire/ -- A Palo Alto based nonprofit will host a workshop describing a new, collaborative approach to risk management on Wednesday, May 11 from 9:00 AM to 4:00 PM at the Stanford Faculty Club. ProbabilityManagement.org has pioneered "simulation-based communication to improve actual managerial decisions and public policies," according to Robin M. Hogarth and Emre Soyer as cited in the MIT Sloan Management Review.

The course is led by Sam L. Savage, the nonprofit's Executive Director and author of The Flaw of Averages. Additional presenters and topics will include:

Industrial applications: Chevron, Lockheed Martin (via web), and PG&E
Risk based budgeting at the City of Redmond, Washington (via web)
Potential application in power utility safety regulation
Estimating the value of information: Doug Hubbard, author of How to Measure Anything (via web)
Video games and mathematics: Keith Devlin, Executive Director of H-STAR at Stanford University and The Math Guy on NPR's Weekend Edition
Web based uncertainty calculators: Ozzie Gooen, Founder of Guesstimate
Simulating the future: Dave Reilly, Founder of Autobox (via web)
Leveraging your legacy simulation software: Eric Torkia, Founder of Technology Partnerz

"The flaw of averages explains why so many projects are behind schedule, beyond budget and below projection," said Savage. "This workshop shows how to solve these problems using nothing but the common spreadsheet."

ProbabilityManagement.org's open SIPmath™ standard allows managers to transparently share and aggregate risks using anything from native Excel to sophisticated statistical packages. At the end of the course, attendees will have the option to apply the free, newly released 2016 SIPmath tools in a hands-on computer lab using their own laptops.

Additional courses will be held in Washington, D.C. on June 8 and Chicago on June 9.
For additional information and registration, visit goo.gl/xrwn05
Probability Management, Inc. is a 501(c)(3) nonprofit that is changing the way we think about uncertainty through standards, best practices and education. Its board of directors includes Nobel Laureate in Economics Harry Markowitz. Its sponsors include Chevron Corporation, General Electric, Lockheed Martin, Lone Star Analysis, Loring Ward, Wells Fargo Bank, Computerlaw LLC, and the Foundation for Creative Dispute Resolution. Executive Director Sam L. Savage is author of The Flaw of Averages: Why We Underestimate Risk in the Face of Uncertainty, and is a Consulting Professor at Stanford University. To learn more, visit ProbabilityManagement.org.

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SOURCE ProbabilityManagement.org