Palisade 's RISK software utilised by Cranfield University

Telecomworldwire, June 4, 2008

TELECOMWORLDWIRE-4 June 2008-Palisade 's RISK software utilised by Cranfield University(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

On 3 June it was reported that, during a research project, the School of Applied Sciences at Cranfield University used RISK software from Palisade Corporation, providers of risk and decision analysis software. The project aimed to persuade oil and gas industry business managers to expend on sustained, reliable production equipment.

The research showed that return on investment (ROI) can be considerably increased if time and resources are invested into the initial stages of product design.

The cost and production of oil and gas can be significantly affected if production equipment malfunctions. The possibility of equipment failure and resulting costs is calculated by RISK software, combining the two core risk analysis engineering techniques, RAM (Reliability, Availability, Maintainability) and LCC (Lifecycle Cost Analysis) inputs.

Karl Woods, an engineering doctorate research engineer from Cranfield, said that the RISK's sensitivity analysis means the import of failure for each element of a complex piece of equipment can be measured accurately. Areas that need further investment in product design can then be identified.

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