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Decision Analysis is an approach to problem solving by developing a model for decisions involving conflicting criteria and uncertainty. The methodology of Decision Analysis combines hard data with informed judgment to develop smarter, more objective and defensible risk management policies from a set of alternatives. The inputs to Decision Analysis are outputs of risk analysis - scenarios, their likelihoods and impacts. Decision Analysis uses these inputs to-
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Analyse objectives of risk management
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Explore risk management options and their associated tradeoffs
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Assess impacts of risk management decisions on the likelihood and consequences of risks
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Recommend the best risk management decision
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Explore the robustness of decision to uncertainty of inputs
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Vose Consulting experts can help you integrate tools of Decision Analysis into your strategic decision making for managing your risks.
Risks and opportunities go hand in hand. Many product development projects strive to advance current capabilities and achieve a goal that hasn't ever been reached before. These opportunities for product advancement can however not be achieved without taking risks. Risk in itself is not bad; risk is in fact an essential component of progress. However, we must learn to balance the possible negative consequences of risk against the potential benefits of its associated opportunity. Risk analysis can help you get a better insight into the risks and uncertainties of new product developments. New product development often comes with the problem of "no or very limited historical or preliminary data". However, risk analysis offers means of addressing this issue by using its flexibility in modeling and approaches and helps you make informed decisions on new products.
M.Sc.
+32 932 406 23
Vose Consulting Belgium Office
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At Vose Consulting we believe in partnering relationships with our clients: that is, we strive to structure our clients' use of our time to maximize their benefit. To that end we prefer to work, wherever possible, alongside the client, demonstrating and teaching as we go the methods we use and sharing as much of the work as possible with the clients' personnel. This maximizes the transfer of knowledge, so that the client is better able to understand our work, and more capable of doing future projects by themselves. We aim for long-term relationships with our clients. To view the full list of our clients in this application, please follow the link at the end of the list “View All Clients”.
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- de Beers Research, UK
- Wellington City Council, New Zealand
- Anacorp Pharmaceuticals, USA
- Corning Incorporated, USA
- Rohm & Haas, USA
- Teva Neuroscience, USA
- Zrii, USA
- View all clients
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- Worked with Canadian Cattlemen’s Association on the decision to import cattle from US without vaccination.
- Worked with Pfizer in determining the optimum number and size of territory of sales representatives.
- In South East Asia, helped a client in a bidding decision (whether to bid and for how much) for a high tension electricity power line.
- Helped Reagan National Airport in making the decision on charging appropriate parking levies.
- Worked on many decisions involving investment in defense, construction, UK private finance initiatives (PFI) projects.
Problem
A large energy firm planned to build a $500M+ liquid natural gas pipeline. There were considerable risks associated with the project. Based on experience, the firm knew that project costs often exceed budgeted costs by a considerable margin. The firm commissioned Vose Consulting to perform a project cost risk analysis.
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"It was a pleasure to work with the Vose team to build a revenue model for our pharmaceutical product candidates. They listened, hit our deadlines and produced a high-quality model on budget. Highly recommended!"
Karin M Hold, PhD, Director of Business Development, Anacor Pharmaceuticals Inc.
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