This case outlines how a structured process was used to evaluate options for a pharmaceutical dispensary, where the raw material for prescription and other medications are prepared for manufacturing. The focus on company objectives and criteria helped to achieve consensus among internal stakeholders with slightly different requirements and priorities.
Creating value from uncertainty
Broadleaf Capital International is a specialist risk management consultancy. Our expert team brings decades of experience, leading methods and a deep understanding of uncertainty and how it can be understood and managed. We operate around the world.
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We have had several enquires recently from local government organisations, for whom we have undertaken a range of assignments over many years. Our activities have covered most aspects of risk management, including enterprise risk management (ERM) and qualitative and quantitative risk assessments. We have prepared a new summary, with links to related work with utilities and climate change.
Uncertain quantities can be correlated by a dependence on a common source of variation. Modelling these correlations in quantitative risk analysis must be done with great care. Ignoring correlation in quantitative models can generate outcomes that are wrong, sometimes significantly so, and that have the potential to mislead the users of those models. This tutorial note examines correlation, and practical methods of incorporating it in quantitative risk analysis models.