Risk analysis is the identification of an activity (or a group of activities in a project), and its evaluation in terms of occurrence and associated damages. In short it is the science of risk, and thus, today in the face of an increasingly analytical world we strive to apply scientific principles to better understand the potential implications of the decisions we make.
Knowing this, it is little wonder there are many who deal solely with risk analysis, marketing to everyone from individuals, to major corporations, so that they may make more informed decisions by using their software. I was sent an email from Evgeny Bondar and made aware of one such company, Vose Software located in Russia, who provide these services to the complete spectrum of potential users, from lone users to large corporations running major industrial processes. All the capabilities for this software are listed on their website, including Monte Carlo simulation, distributions and correlations on the ModelRisk Standard package which is being offered for free.
The technology review on risk assessment suggests a number of software providers who carry out what would appear to be a very similar service, but how can we make a decision ourselves on which product to adopt. A general description is provided but can we objectively see around the marketing and pick the product that is right for us?
Fortunately, this link comes close to bringing many of the risk assessment software packages together, but I can’t help but notice that many of those listed on the Risk Assessment Technology Review don’t feature on the comparison link provided. How many more software packages are out there?
So if I were searching for specialist risk analysis software on behalf of a mining company, which is the best/most applicable risk analysis software? What features should I look for? Which, (if any) does your company use? Please inform the rest of us and help us better understand what the mining industry values.