Objective probability estimates the odds of an event occurring through data analysis. It uses concrete measures instead of guesses to provide a reliable forecast.

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 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 ...

Cross-impact analysis is widely employed to inform management and policy decisions based on the formulation of scenarios which are defined as combinations of outcomes of relevant uncertainty factors.